· Related development
LGC board recommends selling the garage retail space to Llano Group
The LGC board voted unanimously to recommend that the City Council approve a contract to sell the commercial portion of the downtown parking garage to Llano Group, LLC. Deputy City Manager Andrew Freeman told the board the sales price would cover all of the debt the LGC owed on the property, including the TIRZ #1 note payable and a loan from the City.[1]
What the sources say
- ✓ Verified
Andrew Freeman, Deputy City Manager: LGC minutes for August 16, 2023 record Andrew Freeman saying that selling the retail space would put it back on the tax rolls and that 'the sales price will cover all of the debt that LGC owes on the property, including the TIRZ #1 note payable and a loan with the City of Amarillo that would return to the City's general fund for their projects,' and that there was a gap between the sales price and what the space cost to build.[1]
- ✓ Verified
Board member Megan Zanchettin moved to recommend the sale to the City Council, board member Howard Smith seconded, and the motion passed unanimously; the board took no action that day on a related proposed 75-year lease of 90 garage parking spaces to Llano Group.[1]