North Augusta moves money to get parking deck underway

In a special called meeting Monday, the North Augusta City Council voted to transfer money it had set aside for the Riverside Village hotel parking deck and conference facilities, and to split with the developer the cost of adding more parking spaces.

 

The unanimous vote, with all members present, will send $16.4 million to the bank financing the projects, State Bank, so that it can control disbursements. The developer and lender have a closing scheduled for Friday.

The deck will grow from 367 parking spaces to 435 — 417 inside the deck and about 18 on its top surface.

The extra cost — $1.4 million – will be split with developer Ackerman Greenstone North Augusta LLC. It will pay $800,000 and the city will pay $600,000.

The city will get its portion from two sources: bond proceeds that are collecting interest and permits generated by various construction fees from the projects in Riverside Village. Each will contribute $300,000, said City Administrator Todd Glover.

Also Monday, council voted 7-0 to amend the stadium license agreement with GreenJackets Baseball LLC to spell out more specifically the furniture, fixtures and equipment – also known as FF&E, and including lighting, seats and the scoreboard – the city would pay for from the $1 million it required the team to put up toward construction of the stadium.

“It’s not an increase in the budget, it just changes how we spend FF&E money,” Glover said.

Stadium lighting will cost $400,000 and will be handled by Musco Lighting. Irwin Seating Co. will be paid $444,596. The remaining $154,404 will go to help pay for the scoreboard and electronic ribbon displays.

A measure to enter in a parking operation agreement with Greenstone also passed unanimously.

The city also approved a ground lease agreement with the hotel developer, Greenstone Hammonds Ferry LLC, selling the land for the hotel and leasing back the land on which the conference center sits, from the ground to the second story.

The city will pay for its own improvements on that land, and each party has access easements to the other party’s property.

The lease will run for 31 years or until repayment of bonds, whichever comes first. The developer will pay all taxes and insurance. It must insure the hotel for the amount of its mortgage, plus the city’s investment of $8 million.

Under the agreement, the city is not expected to incur any further out-of-pocket costs for the term of the lease.

 

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Thu, 12/14/2017 - 22:35

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