The city of
The pending sale has alarmed museum officials, who have been guaranteed 150 parking stalls at a discounted rate since the museum opened downtown in 1995. The museum recently completed an expansion.
Since 2006, the 37-story
With debts mounting, Unilev put
City officials say the parking ramp sale was set in motion 20 years ago through longstanding bond agreements. In those agreements, the owners of the
"The sale of the ramp was outlined in an option agreement executed in 1997 when the ramp was expanded between the (
A PARKING ENTICEMENT
The city helped to build the ramp in the late 1980s with public "tax increment financing" in order to entice the
The TIF agreement, finalized in 1991, included 150 dedicated parking stalls for the museum at a discounted rate. In addition, the museum was guaranteed 80 percent of the parking income from those spaces.
The museum moved downtown in 1995.
The ramp, which opened in 1987, expanded in 1997 to 1,170 spaces with the assistance of the
The 20 years has come and gone, and the tower has been sold more than once during that time. Meanwhile, the tax increment financing agreement between the
"The council is aware that negotiations are underway," said
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