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July 12, 2005TC may split cost of prelim workDDA wants $8K earmarked for development prepByRecord-Eagle business editor TRAVERSE CITY - The city will offer to split the cost of preparation work for an estimated $70 million development plan on West Front Street that includes public parking space. The city's Downtown Development Authority Board on Monday recommended spending up to $8,000 in city parking funds to split the cost of preliminary planning and building design work with developer Michael Uzelac for a proposed development west of Union Street. The current plan includes a four-story structure at the former Grand Traverse Auto site with below-ground parking, street-level retail with offices above. The property on the south side of Front Street east of Pine Street would include an eight-story structure with four levels of parking, retail on the perimeter and four floors of residential condominiums. The city's share of the project is estimated between $10 and $12 million. Developers are expected to present a special land-use permit application to the city planning commission on Aug. 3. The DDA is recommending the planning funds be taken from the auto parking system fund to eventually be reimbursed by a bond sale for the public portion of the project. DDA executive director Bryan Crough said that's similar to what was done for the city's first public park ramp built in conjunction with the Radio Centre development. The DDA's recommendation is subject to approval from the city commission, which will take up the issue July 18. Crough said the deal hinges on the developer demonstrating "control" of the property through a purchase or option agreement. Crough said developers are expected to attain that within the next few weeks. See Related Stories: Traverse City eyes parking deck options - July 6, 2005 City: No exclusive rights to lot - May 17, 2005 TC officials hear pitch on downtown project - April 26, 2005 Downtown TC redevelopment plans will be unveiled - April 25, 2005 Details of downtown development project will be outlined - April 7, 2005 Developer eyes Front Street - April 7, 2005 See Related Editorials: City must take the lead on parking deck plans - July 12, 2005 No need for TC to link development decisions - May 18, 2005 West Front plan cannot be tied to Union Street site - May 3, 2005
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