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Roanoke council adopts 20‑year parking agreement to serve downtown Promisori Hotel
Summary
The Roanoke City Council on March 16 approved an ordinance awarding a 20‑year parking agreement to First National Exchange LLC, authorizing up to 20 unreserved parking permits in the Center in the Square garage for the Promisori Hotel and delegating execution to the city manager.
The Roanoke City Council voted unanimously March 16 to adopt an ordinance authorizing a long‑term parking agreement that will allow the Promisori Hotel to obtain up to 20 unreserved parking permits in the Center in the Square garage at 11 Campbell Avenue SE.
Mayor Cobb opened the public hearing on a recommendation from the city manager and asked the clerk to read the ordinance, which describes an initial 20‑year term with up to four additional five‑year renewal periods and authorizes the city manager to execute and administer the agreement. The ordinance accepts the bid of First National Exchange LLC and authorizes the city manager to take necessary steps to implement it.
City Manager Miss Turner introduced staff to answer council questions and confirmed no citizens had signed up specifically to speak on the parking item. Mr. Man, the staff representative present, told the council the garage arrangement has been in place since January and staff can manage occasional peak events by designating spaces as needed. "We absolutely have the supply right there," Mr. Man said.
Council member Nash asked about the $15,000 security bond noted in the ordinance. A city staffer identified in discussion as Laura explained the bond "secures the hotel's performance or the developer's performance under this agreement," adding it ensures the entity meets its contractual obligations. The council also heard that the hotel's parking fee reflects a downtown incentive—described by staff as "50% of our reduced rate"—and that fees would rise if the city’s parking rates change.
After closing the public hearing, the clerk called the roll; every member present voted in favor and the ordinance was adopted. The ordinance authorizes the city manager or a designee to execute the parking agreement and related documents and to administer and enforce the contract.
The adoption directs staff to finalize the agreement with First National Exchange LLC and return any necessary documentation to the city manager’s office; the ordinance dispensed with a second reading by title. No amendments or objections were recorded in the council's discussion.
The council then moved to the scheduled public comment period on unrelated matters.
