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Council seeks clarity on downtown parking‑garage lease, payment timing and accounting treatment
Summary
Council members asked staff to explain when payment under a parking‑space lease will occur, how the expense is reflected in the CIP and why the agreement is not a gift; staff said the payment is expected at certificate of occupancy and that under GASB 87 the arrangement is recorded as a right‑to‑use asset.
Council members raised multiple questions on March 4 about the large parking‑space agreement tied to a downtown garage project and how the city will account for and pay the lease.
Staff said the cost for the city’s portion of the garage is budgeted in the CIP and that payment to the developer (referred to in the meeting as the resort/garage partner) will occur once a certificate of occupancy is issued and the spaces are available.…
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