Proposed City Parking Garage

Montpelier Parking Garage 10.19.2018

Who?

  • City to construct, own, operate, and manage parking garage
  • Land donated (approx. $500K Value) by Capitol Plaza
  • Capitol Plaza to construct new 80 room Hampton Inn

What?

  • 348 space parking garage
  • 50 leased surface parking spaces
  • 160 net new parking spaces
  • No property tax increase required

When?

  • November 6 bond vote
  • Permitting processes in October
  • Garage work in November or December, if all is ready to go

Where?

  • Garage on current Capitol Plaza parking lot and on 60 State Street property
  • Hotel behind Capitol Plaza

Why?

  • Implement Economic Development Strategic Plan.
  • New Public Parking (26% increase in managed parking).
  • New Hotel, possibly new Affordable Housing, other...
  • 50 +/- surface parking spaces for public parking.
  • ADA compliant bike path connection and park area.
  • Additional rooms and meals tax revenue.

How?

  • Project cost about $10 Million.
  • Cost includes construction, design, permits, environmental
  • 30 Year bond, 4 years interest only.
  • Annual CPI adjustments of 2.25% for entire term  - expenses and permit/fee rates.
  • 20 years of TIF revenue.

Upcoming Opportunities for Public Participation and All Updated Application Materials 


Past Opportunities for Public Participation

Past Opportunities for Public Participation - Videos of each meeting listed can be accessed by clicking this link.


Key Next Steps

  • Securing parking commitments.
  • Completing Design.
  • Permit applications.
  • Public Outreach and Information.

Contingencies

  • Council Approval of project and warning bond vote.
  • Bond vote passing.
  • Obtaining Regulatory Permits.