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 passed
  • The State of Vermont Act 250 hearing is scheduled on January 16, 2019. Construction will not begin until all permits are issued.

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 $10/5 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.
  • Interest rates will be set by current bond rates, estimated now at 3.92 Percent.
  • 20 years of TIF revenue.

The State of Vermont Act 250 hearing is scheduled on January 16, 2019. Construction will not begin until all permits are issued.


Development Review Board Decisions (12/13/18)


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

  • Public Outreach and Information.

Contingencies

  • State of Vermont Act 250 Hearing, 1/16/19
  • Obtaining Regulatory Permits.