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Commission approves amended MOU, 100‑year lease and tax exemption approach for downtown parking garage
Summary
The commission approved an amended memorandum of understanding and lease with West Augustine Gateway LLC to build a downtown parking garage. The amendment moves to a 100‑year lease to secure property‑tax exemption, sets a minimum 650 public spaces (design at 707), and provides options for purchase and funding timing.
The Saint Augustine City Commission on Jan. 12 approved an amended memorandum of understanding and lease agreement with West Augustine Gateway LLC (the “Bridal” project) to construct a public parking garage at West King Street.
Assistant City Manager Reuben Franklin told the commission the amendment was restructured after discussions with the property appraiser to allow the city and developer to qualify the site for property‑tax exemption. The change lengthens the lease term to 100 years, includes a lease schedule with a 30‑year principal and interest payment scenario, and provides the city an…
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