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Committee backs Portsmouth Square Garage financing package; sends $12.5 million loan to full Board
Summary
Rec and Park presented a $12.5 million First Republic Bank loan for renovations at Portsmouth Square Garage; the committee recommended the financing to the full Board after staff and budget analyst reviewed cash‑flow and debt‑service estimates.
The Budget and Finance Committee recommended approval of a financing package for repairs and upgrades at Portsmouth Square Garage, forwarding the item to the full Board with a positive recommendation.
Katie Petruciani of the Recreation and Park Department outlined a proposed $12.5 million loan from First Republic Bank to the Portsmouth Plaza Parking Corporation for renovation work including staff area…
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