Council To Consider Parking Garage Resolutions One Helps Finance Project, Other Returns Structure To City

The Spokane City Council will consider two resolutions today involving the purchase of a parking garage attached to downtown’s River Park Square.

One resolution allows a non-profit corporation created by the owners of River Park Square to issue revenue bonds for about $30 million and use the money to buy a renovated and expanded parking garage.

The garage will be part of the $100 million redevelopment of the shopping center, including a new Nordstrom store, a 24-screen cinema and other shops and restaurants. The project is scheduled to open in 1999.

The other resolution allows the parking garage to be given to the city for free when the revenue bonds are paid off in 20 years.

Under that resolution, the city pledges parking meter money to pay for maintenance, operation and ground rent for the garage if revenue generated by the garage falls short of covering those expenses.

Parking meter money totals about $1.6 million of the city’s $11.6 million street repair fund.

The parking garage revenues will be used to pay off the bonds, lease the garage and the land it sits on, and pay for maintenance and operations.

The garage will be run by a public development authority created by the city of Spokane. The authority’s five-member board will be appointed by the council.

Also Monday, the council will have a first reading of an off-street parking ordinance related to the garage purchase.

The City Council’s briefing will begin at 3:30 p.m. today in the lower-level conference of City Hall, 808 W. Spokane Falls Blvd. The council meeting will begin at 6 p.m.

, DataTimes