In a 6-2 vote Tuesday, the Fort Wayne City Council approved a 25-year lease agreement for a 1,000-space parking garage attached to the upcoming mixed-use building along the city's downtown riverfront.
Under the lease agreement, the city will pay Minnesota-based Continental Property Group, which is developing the site, $1.5 million a year for 25 years, for a total of about $37 million. Annual rent will be paid out of property taxes generated by the project, the riverfront portion of the city's local income tax fund, parking revenue from the garage, and the county's economic development income tax funds.
The agreement includes an option for the city to buy the parking garage after the 25-year term is up.
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