Council votes to finance cost of Water Street parking deck


Tags: , ,

Submitted: Wed, 08/22/2012 - 3:24am
Updated: Wed, 08/22/2012 - 3:29pm
By:

WILMINGTON, NC (WWAY) — During their meeting Tuesday night, Wilmington City Council approved financing the $3.3 million used to purchase the Water Street parking deck, with an interest rate no higher than four percent.

In July, council voted to approve purchasing the parking deck. The money will cover both the cost of buying the deck as well as whatever council members choose to do with it. Several options have been discussed, like tearing it down to build a park and possibly renovating it. However, a final decision will be made at council’s September meeting.

A public hearing was held, however no one came up to speak.

2 Comments

  • M291 says:

    I agree. This eyesore, and the property it sits on, should be sold to a financially solvent developer who can make it part of the city’s economic engine. If the counsel wants to have a nice public space, possible a nice square or public fountain, write it into the contract when you sell the property.

    Cars should not have a nicer view of the river than I do!

  • Peyton Garrett says:

    With the amount of money the city has now burned up on this property they could have expanded on or developed a nicer “greenspace” elsewhere. This property is too valuable to designate as a park. Sell it to someone who first, will pay what it is worth and second, develop something there that will go on the tax books and recoup some of this financial blunder. One of the most valuable pieces of dirt in the downtown area and council’s brains go into lockdown. Also, sell it to an entity that is financially stable and will not take years to get their ducks in a row.

Leave a Reply