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put out to bid and the city
"knows how much we can af-
ford," said City Manager John
Fischbach.
The city expects to finance the
parking garage and office build-
ing by selling `certificates of par-
ticipation."
A certificate of participation is
similar to a bond, except that it
is not considered a public debt.
The interest rate is a little high-
er, and these certificates are
paid back through the city's gen-
eral fund.
Under state law, the funding
mechanism is not subject to a
vote, as a bond issue would be.
The city already has money
for the projects figured into its
1998-99 budget. About $360,000
is set aside for the parking struc-
ture, and $920,000 for the office
building.
Jay Hardy, executive director
of the Downtown Business As-
sociation, said merchants are
"delighted" the buildings are
coming.
"We're jumping for joy," he
said. ''his will be a positive ele-
ment for downtown and help en-
sure its longevity."
The only concern, Hardy said,
is that parking will be lost dur-
ing the construction. The sites
for the , parking structure and
justice center are parking lots
that together carry about 600
spaces.
Temporary "parking lots will
be established on the northeast
corner of the intersection while
the parking garage is under con-
struction.
"We will not be doing any-
thing until the parking is taken
care of," he said.
City. goes to drawing, board
with plans for `four corners'
By KEVW DUQr3AN
The Coloradow '
Fort Collins officials have
come up with tentative con-
struction schedules and fi-
nancing plans for a major
downtown face-lift.
Three city building,
projects' around the inter-
section of LaPorte Avenue
..and Masori� Street, are ex-
pected to be built over the
next three years.
may;' are 'in addition to
the ng* $24 million Larimer
County , Justice Center ap-,
proved`;by voters in Novem-
ber lanar planned for that in-
ter"" southwest corner.
4 .: i�
City officials refer to the
combinations of plans as the
"four -corners project." '
"This : in, pretty exciting
and should be very satisfy-
Mfor us," said Debra Pas-
ello,. director of Facility
Services for the city- We're
talking about implementing
plans that have involved a
lot o£ lic pmcess.'
The:Cijty projects are
■Ar '70-0- to 900 Space
parking,4;ti*ture on the
southeast wrner, Construc-
tion is tentatively, scheduled
for July 1998 to July 1999.
The, garage, estimated to
cost between $9 million, and
$13 million, would be built
with the
■ A transit cen
site of the historic Colorado
in cooperation .
county and thet. owntbwn '
and Southern Freight Depot ;
Development Au6iority:
is planned for the northeast
■ A 70,000- to 100,000-
corner of the intersection.
square -foot city office build-
- The proposed facility__
ing on the northwest corner..
would .have offices and
transfer
Construction is expected be-
would serve as a
tween January.,,1999 and
center, for Transfort buses.
February 2000.
The center, still in the "con -
preliminary estimates for
ceptual" stage, is expected to
the building range from $9
. cost between; $1.2 million
million: to $17•million, de-
and $1.5 million. Construc-
pend ng„ on the'size of the
senhces offered
tion is not scheduled.
Firmer cost estimates for
building and
there. The building would
the buildings will not ` be
allow the city to consolidate
known until the projects are
several of its offices scattered
around downtown.
See c
The
`four
corner
pro
§ -- -
I
,
' �1Wa • IN LaPorte Avenue
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