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Council approves 20‑year parking lease with The Foundry on Third; supporters call it partnership, critics cite fairness
Summary
The Common Council approved a long-term lease giving The Foundry on Third discounted use of the former Sears ramp; the 20-year agreement (discount reported at 20%) drew a 7-3 vote after debate on fairness and prior TIF subsidies.
The Common Council voted 7-3 on May 27 to approve a parking stall lease agreement with The Foundry on Third Phase 1 LLC for the former Sears parking ramp (file 190921). Supporters described the lease as a partnership incentive to support a major downtown redevelopment; opponents said the city should not extend further incentives to a project that already received tax-increment financing (TIF) subsidies.
Council…
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