City Authority Agrees To Lease Garage

The city of Spokane’s public development authority agreed Tuesday to lease a downtown garage that will be part of the $100 million River Park Square redevelopment project.

The authority will lease the garage and the land it sits on from a nonprofit corporation created by River Park Square’s owners.

The authority will use parking garage revenues to make lease payments.

The nonprofit corporation will buy the garage from River Park Square for $26 million by floating revenue bonds which also will be paid off using parking revenues.

When the bonds are retired, the city will own the garage, but will continue to rent the land it sits on. The 1,304-space garage will comprise River Park Square’s current garage, which will be renovated, and an addition.

The redeveloped River Park Square will include a new Nordstrom store, multi-plex cinema and other shops and restaurants.

River Park Square is owned by Citizens Realty Co. and Lincoln Investment Co., affiliates of Cowles Publishing Co., owner of The Spokesman-Review. , DataTimes