A popular student shopping destination might see the addition of a more than 900-space parking ramp if Ingham County approves the use of federal funds for the project.
The Lansing Township Downtown Development Authority proposed the parking garage slated for Eastwood Towne Center, 3003 Preyde Blvd., in Lansing, to receive tax-exempt bonds through the American Reinvestment and Recovery Act. The bonds are available for both private and public use.
The parking ramp would cost about $29 million, with $17 million coming from private use bonds and $12 million coming from public use bonds.
Ingham County Controller Matthew Myers said the county is authorized to give out a total of $20.8 million in private bonds and $13 million in public bonds.
“It’ll be up to the board of commissioners to decide (whether to approve requests for money),” Myers said.
Ingham County Treasurer Eric Schertzing said there were other projects applying for the money as well, and the Eastwood project would be presented to the Board of Commissions later this month for discussion.
Lansing Township’s Downtown Development Executive Director Steve Hayward said he submitted a formal request Friday asking for the funds for the parking deck. The structure will be a part of a larger project to expand Eastwood Towne Center.
“We’ve been working on the actual ramp for about five or six years now,” Hayward said. “The types of bonds that are out there under the (American Recovery and Reinvestment Act) are very rare.”
An expansion of Eastwood Towne Center would include adding 30,000 square feet for commercial use and the redevelopment of the east end of the shopping center. The bond considered for the parking ramp is unique in the fact that it is low interest and available to both public and private entities looking to build a variety of different projects in Ingham County, Myers said.
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