MISSOULA — The Missoula Parking Commission on Tuesday took another step toward rebuilding the Bank Street Parking garage, though the exact funding formula has not yet been determined.
The commission's board members approved a resolution regarding the project's financing and authorized the commission to negotiate the final contract with Jackson Contractor Group.
Given the cost, the parking commission selected a schematic design that doesn't include a basement level. The newly built garage will retain the roughly 145 parking spaces that are currently available, according to parking director Jodi Pilgrim.
“We're going to be looking for opportunities to increase the number of spaces and save costs,” she said. “It's not the final design yet.”
While the financing model hasn't been finalized, rebuilding the 22-year-old structure carries a cost of roughly $6.1 million, or $42,700 per stall. With other costs and fees added in, the commission will likely bond around $7.2 million.
The commission would repay the cost over a term that hasn't been finalized but could range from 15 to 30 years. The length of payback will also determine how much interest is added to the total cost, according to Steve Scharff with Baker Tilly, which serves as a fiduciary to the city.
“Since you currently have net revenues of $1.6 million, you can pay up to about $1 million a year on your debt,” Scharff said. “We'll narrow in on the scenarios. This isn't something that needs to be decided today.”
The Bank Street Parking Garage isn't the city's newest parking structure, nor is it the oldest. The structure, situated at the base of Beartracks Bridge off Higgins Avenue, was built in 2002. The project was originally designed by OZ Architects and constructed by Quality Construction of Missoula.
No timeline has been set for the reconstruction project, but the two-level garage will retain its current capacity. Adding a basement level would have added an additional $4 million in costs.
“We have an existing design team. They'll be working closing with Jackson Contracting on the rebuild project," said Pilgrim. “We did have a kick-off meeting with Jackson and our design team. It was mostly an introduction so they could be in the same room and get on the same page about what each group's role will be.”
