City sells ramp bonds
The city of Grand Rapids will complete an $8.98 million bond transaction on Tuesday.
The proceeds from the sale will go toward a new parking ramp the city will build as part of the Thirty-Eight project that Locus Development LLC is putting up on Commerce Avenue and Weston Street.
“We started selling the bonds around 11 o’clock the morning of Wednesday, Dec. 10. We finished the sale the morning of Thursday, Dec. 11. The bond purchase agreement was signed Dec. 11 by the Grand Rapids Building Authority chair (City Manager) Kurt Kimball,” said Jana Wallace, city debt and authority finance officer.
“We will close on those bonds Dec. 23rd and that means we will have the proceeds on Dec. 23rd and can use them for our building project,” added Wallace.
The ramp will have 379 public spaces and each space will cost $32,000 to build, meaning the total price tag of the facility will run about $12 million.
The city also purchased the property the ramp is going up on for roughly $1 million.
Locus Development is investing $14 million into a pair of “liner” buildings with one going on Weston and the other on Commerce. The two new structures will meet at the intersection. The ramp will be built behind the buildings. The mixed-use project will feature office, retail and residential space across 68,000 square feet.