A local developer says although its initial offer of $45 million for 14 Grand Rapids' parking properties was shot down by city commissioners, another offer may be put on the table. The developer says purchasing the properties isn't the only option, and they are looking at other West Michigan cities who seem more willing to put their parking real estate on the market.
According to excerpts from the story:
Second Ward Commissioner Rick Tormala has made it clear that he thinks the city should take a long, hard look at leasing the public parking system to a private operator.
Tormala argued two weeks ago that under the existing set-up, parking revenue to the city only pays for parking operations. But if the system was leased and in private hands, he said the yearly lease payment could help cover what he considered were more vital services than parking, such as police and fire protection.
And Third Coast Development Partners couldn’t agree more.
Read the complete story here.
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