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Council approves discounted parking lease with Foundry project; some aldermen question extra incentive after TIF support
Summary
The council approved a parking-stall lease with Foundry on Third Phase 1 LLC for the former Sears ramp, including a 20% discount; councilors split 7–3 over whether the city should provide the incentive in addition to about $11 million in TIF support noted by one alder.
The Common Council approved a facilities resolution authorizing a parking-stall lease agreement with Foundry on Third Phase 1 LLC for the former Sears ramp; the motion passed 7–3.
Alder Neil said the ramp currently has very low usage and the foundry built a skyway to the ramp; offering negotiated rates is a way to encourage development partnerships. Alder Larson opposed the…
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