In Michigan
8:16 am
Mon November 23, 2009

Lansing could allocate $30 million in federal bonds for parking ramp

LANSING, MI – The Lansing City Council tonight could approve a resolution that would let a local developer use federal stimulus bonds to build a parking ramp downtown.

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The Christman Company has plans to build a $30 million parking ramp for the Accident Fund Insurance Company's redevelopment of the Ottawa Street Power Station. But Christman officials say they can't get banks to loan them the money. Bob Trezise is the director of the Lansing Economic Development Corporation. He says the project is a perfect fit for the 20 million dollars in federal recovery act bonds the city can allocate for private development.

"The bonds are not just meant for who has bankable, shovel-ready projects," Trezise says. "Ours is bankable, shovel-ready and is already underway. We just need, as a matter of fact, to finish it."

Ingham County is also being asked to allocate bonds for the project.