· Context
LGC completes the 750-space garage at a cost of $16,947,568
The LGC completed the 750-space parking garage next to the convention hotel. The LGC owns the garage on land leased from the City for 80 years and keeps parking revenue; ownership passes to the City when the ground lease ends. The hotel developer has 150 reserved spaces under a $120,000-a-year parking rent.[1][2]
Amarillo Local Government Corporation (LGC)
What the sources say
- ✓ Verified
The LGC completed the 750-space parking garage on July 1, 2017 at a cost of $16,947,568; the LGC owns the garage, operates it and keeps parking fees, and ownership transfers to the City at the end of the 80-year ground lease.[1]
- Cost
- $16,947,568
- Spaces
- 750
- Ground lease years
- 80
- ✓ Verified
The garage's reported cost ($16,947,568) was $1,297,568 more than the $15.65 million project amount the LGC approved in February 2016; no fetched source explains the difference.[1]
- Approved
- $15,650,000
- Reported cost
- $16,947,568
- Difference
- $1,297,568
- ✓ Verified
The FY2024 annual report states that the hotel developer has 150 reserved spaces in the garage and agreed to pay $120,000 a year in parking rent plus an annual base rent adjusted by CPI, and that the LGC would operate the retail portion and keep its revenue.[2]
- Reserved spaces
- 150
- Parking rent
- $120,000
Related events
- Embassy Suites opens with adjoining 750-space city garage about Sep 2017