Lisa Grimes told council that after months of negotiation city staff had a resolution to transfer three properties built with Federal Transit Administration funds — identified as Trade & Transit 1, Trade & Transit 2 and the Church Street parking deck — to the River Valley Transit Authority.

Grimes said the properties were originally funded roughly 80% by FTA and 20% by the city; because they were constructed with federal dollars the deed includes reversionary language requiring the federal share (about 80% of proceeds) to be returned to FTA if the properties are sold or not used for transit purposes. As part of the transfer, RVTA would operate the facilities but the city retains reversionary protections and negotiated access to parking spots and reduced transitional rental rates for city occupancy (staff estimated $5–$10 per square foot versus the current $11/sf).

Councilmembers asked for a breakdown of funding sources for the specific buildings; staff said RVTA or county records could provide a spreadsheet if council needed it. Grimes noted the RVTA board and FTA must still review and clear the arrangement; the resolution authorizes the transfer under those conditions. The council approved the resolution by recorded vote, 6‑0.

What’s next: The transfer goes to the RVTA board and FTA review; if approved the city will retain a reversionary interest to protect the city’s 20% equity.