Council approves discounted parking lease with Foundry project; some aldermen question extra incentive after TIF support

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 deal, saying an agreement is not necessary and expressing concern that signing an agreement could create maintenance or lifecycle obligations for the city.

Alder Killian noted the city has provided approximately $11 million in TIF subsidies to the Foundry project and questioned additional incentives. Alder Rasmussen, who supported the measure, said the city has previously negotiated special rates with downtown businesses and that an agreement could help boost ramp usage.

Director Grohl clarified that the city already offers a discount for annual prepayment (11 months for 12 months) and that the new agreement is structured as a long-term lease; Alderman Lynch added the lease ties the term to either 20 years or the remaining life of the ramp, whichever is shorter, and that Foundry initially requested about 50 stalls and offered to pay for 100 stalls for 20 years whether they use them or not.

The measure passed 7–3; supporters described it as a partnership incentive to help downtown redevelopment, while opponents warned about layering additional incentives on a project that already received substantial public support.