Missoula Parking Commission approves $956,455 GMP amendment, authorizes lender solicitation with up to $500,000 reserve deposit

The Missoula Parking Commission on July 8 approved a guaranteed maximum price (GMP) amendment of $956,455.46 for bid package number 2 of the Bank Street parking garage repair and authorized a competitive lender solicitation for financing that includes a debt-service reserve deposit not to exceed $500,000.

The actions came after staff and outside advisors summarized construction bids and financing options for the repair of structural and mechanical systems at the Bank Street parking structure. Jody Pilgrim, director of the Missoula Parking Commission, told commissioners, “We have received our final GMP for bid package 2 from Jackson Construction, and which will bring our final GMP for the full project to $3,210,774.”

The commission’s fiscal year 2026 budget for the full repair project was $3,490,000, Pilgrim said; the current GMP total therefore fell below that approved budget. Tyler Kirk of Jackson Construction described bid package 2 as primarily mechanical and electrical work, masonry repair, handrails, metal roofing for a canopy, painting, plumbing and lighting, and said the package was worth “approximately $956,000.”

Why it matters: the commission must balance immediate repair needs against longer-term liquidity and credit considerations. Steve Sharp of Baker Tilly Municipal Advisors,…