Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Parking Finance topic
No spam. Unsubscribe anytime.
Owasso staff propose $188,986 TIF‑funded purchase of 0.32‑acre lot for public parking in Red Bud District
Summary
Staff negotiated purchase of a 0.32‑acre parcel at 113 West First Street from Owasso First Avenue Holdings LLC for $188,985.69 (about $13.50/sq ft) to create an estimated 36 public parking spaces; purchase would be funded from the Red Bud District TIF and the item is slated for next week's council meeting.
JJ Dossett, identified in the agenda header, told the council the city has negotiated to buy a 0.32-acre lot at 113 West First Street in the Red Bud District from Owasso First Avenue Holdings, LLC for $13.50 per square foot, for a total of $188,985.69, to create public parking.
Dossett said the property is at the northeast corner of Atlanta and First Avenue and previously housed an auto business. He said two partners have renovated the building into a daycare and indicated the owners did not need the adjoining parcel. Staff estimated the parcel could yield about 36 parking spaces if striped as three diagonal rows of 12. Initial improvement estimates from city staff and contractor Daniel Dearing are approximately $200,000 to convert the site to public parking and to coordinate related street and sewer work on Atlanta.
Funding and process: Dossett said the purchase price would be paid from existing Tax Increment Financing (TIF) funds for the Red Bud District; he told the council there is "just over a million dollars in the TIF fund available for public improvements." He said previous uses of the TIF included a sign at First and Main and legal fees related to administering the district. Dossett said the city intends to make the lot public parking with a nighttime curfew to discourage long‑term parking; he said signage would be used and a gate was not currently planned.
Questions and next steps: Council members asked whether the parking would be free and about expected infrastructure costs; Dossett said the parking would be public and free and that improvements would be part of a larger project that could include sewer upgrades and additional on‑street parking on First Avenue. He said staff plans to carry the item from the work session to next week's council meeting for formal consideration.
