The Amarillo Local Government Corp approved paying $14.3 million for Wallace-Bajjali Development Partners to build a parking garage in an area of the city that is being developed, according to the Amarillo Globe News.
The parking garage would situated by a hotel and convention center, which is being built by another developer after Wallace-Bajjali opted out of that part of the project. Apparently, city officials know they need to set some guidelines for Wallace-Bajjali:
The city would fund the construction of the parking garage south of the hotel. Wallace Bajjali Development Partners would oversee the $14.3 million project and develop and rent retail space on the ground floor. The city will issue debt to fund the project and parking fees and some Civic Center revenues will pay off the debt, according to LGC documents. Some of those fees will come from the hotel leasing 150 spaces annually and possibly Potter County leasing 150 spaces.
The facility will have 750 parking spaces and up to 32,000 square feet of retail space.
The term of the lease is 40 years, but Wallace Bajalli must meet several deadlines to maintain the lease. The first deadline would come three years after the issuance of the certificate of occupancy for the hotel unless the company has begun finishing out the retail space.
The next deadline is the fifth anniversary of the certificate unless Wallace Bajjali has at least 25 percent of the space under active lease to open for business. At the sixth anniversary, the company must have at least 50 percent leased, and at the seventh anniversary the lease terminates unless there is at least 80 percent leased.
No comments:
Post a Comment