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Council OKs Chapter 380 support for 200‑space Lakewalk parking garage
Summary
The council approved a Chapter 380 arrangement enabling the Bryan Commerce District (BCD) to backstop an $1,800,000 loan for a 200‑space parking garage and related site work in the Lakewalk/Traditions area; staff said BCD would shoulder 80% of partnership expenses and William Cole Ventures 20%.
Bryan City Council approved a Chapter 380 agreement that will allow the Bryan Commerce District (BCD) to backstop a loan for the construction of a 200‑space parking garage and related site and infrastructure work in the Lakewalk/Traditions area. Lindsay, the staff presenter, told council that BCD currently holds 80% of the partnership interest for development in the Traditions/Lakewalk area while William Cole Ventures holds the remaining 20%, and that development revenues return to BCD as lots sell.
Lindsay summarized the financial arrangement and the purpose of the Chapter 380 instrument: "this chapter 3 80 basically allows BCD to backstop the loan for the construction of the garage at that $1,800,000 that is a financial responsibility directly of BCD." Council members discussed the project’s role in supporting future vertical development in the area and noted prior successful projects in Traditions/Lakewalk. Council opened the public hearing, heard no speakers, and then approved the motion to authorize the Chapter 380 support and related actions.
Staff said earlier in the day BCD authorized its portion of the site work (roughly $3,800,000) and that BCD will loan a portion of William Cole’s 20% share, to be repaid from lot sales with guarantor fees and interest. Council characterized the garage as a catalytic infrastructure investment for the Traditions/Lakewalk area; the agreement makes the city a signatory because the city annually authorizes BCD funding.
