The City of Billings has worked for over two (2) years to develop the new Empire Parking Garage project, including unit ownership (condominium).  The City Council reviewed and approved all of the steps including purchasing the land, agreeing to options, leases, development agreements and the unit ownership documents.  The private parties are executing their parking options and desire to enter into purchase agreements with the City for those units.  Selling the units requires multiple steps and documents over the next 12-14 months.  The City Council is being asked to authorize the City Administrator to sign the purchase agreements and the other documents that will be necessary to eventually transfer the units to the new owners.  This approval applies only to the parking options.  The private parties also have options to purchase the retail units on Montana Avenue and if they exercise those options or other parties desire to purchase the units, staff will request that the Council approve those purchases and all of the documents that accompany them.

The parking units will sell for a total of nearly $950,000.  That money is a necessary component of the financing that is required to build the garage.

Staff recommends that Council authorize the City Administrator to sign the Empire Parking Garage parking unit purchase agreements and all subsequent documents that are necessary to transfer the units to the correct private parties.