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City could borrow from retiree advantage investment to cover BullStreet parking garages

City could borrow from retiree advantage investment to cover BullStreet parking garages

Columbia City Council is defined to think about borrowing from a of this town’s retiree advantages funds to cover construction of a couple of parking garages into the BullStreet District.

Council will require up very first reading on a measure at its Nov. 17 conference that could make way for about $16.5 million in financing when it comes to construction of two garages during the previous State Mental Hospital web web site that is undergoing redevelopment in the last few years.

Under its contract with Greenville’s Hughes developing to overhaul the sprawling BullStreet website, the town is contractually obligated to make 1,600 parking areas for the task.

In accordance with town unique tasks administrator Gregory Tucker, that has worked https://titleloansusa.info/payday-loans-mn/ closely with designers when you look at the BullStreet District, the coming very very first period of parking garages would consist of about 230 spaces with the to-be-constructed WestLawn building, a multi-use, five-story structure that may have a workplace and retail. There would be about 620 areas an additional storage simply east of this REI gear that is outdoor that started during the web web web site previously in 2010.

The remaining 750 parking spaces the city is obligated to create would come later on.

Construction in the initial two parking garages would probably begin into the very first quarter of 2021, based on Assistant City Manager Missy Gentry.

To cover the very first two garages, the town is proposing to borrow $16.5 million from the retiree advantages investment referred to as the “other post-employment benefits” investment.

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