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Parking Facility Proposal Made

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Parent Issue
Day
26
Month
October
Year
1965
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Copyright Protected
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Donated by the Ann Arbor News. © The Ann Arbor News.
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Parking Facility Proposal Made

A proposal that a private firm “underwrite” the construction of 200 parking spaces in a proposed carport in the State St. area was presented to the City Council last night.

Under the plan Tower Plaza Parking, a subsidiary of the William Street Co. which is building a 26-story apartment building at William and Maynard, would pay annually any money lost on these 200 spaces. None of the spaces would be reserved for apartment dwellers

The council had earlier entered into an agreement with William Street Co. that it would provide 75 parking spaces in the area and would also post $375,000 performance bond.

City Administrator Guy C. Larcom Jr. said the new proposal was arrived at following negotiations between the city and the firm.

Under the proposal the firm would pay the deficit of these 200 spaces up to a maximum of $9,000 annually.

Larcom said he hopes to have 500-space carport built in the area with the other 300 spaces need on a similar arrangement as advanced by Tower Plaza Parking.

Larcom explained today that the cost of maintenance and payments on the 500-space structure amounted to $120,000 yearly and the income amounted to only $100,000, then Tower Plaza Parking would pay two- fifths of the loss ($8,000).

Larcom said the arrangement would assure that the city would at least “break even” on the 200 spaces.

The council asked that Larcom report further on the proposal at Monday's meeting, asking that it be compared to the present agreement with the William street Co. and also with the agreement arrived at between the city and developers of the 18-story apartment house on S. Forest and S. University.