SAVANNAH, Ga. – City leaders have approved to an agreement with developers of the Savannah River Landing project. That was discussed at the city council meeting Thursday.
The project is getting about $54 million dollars’ worth of help from the city. That money is coming from a mixture of funds, like TAD, SPLOST and parking.
City officials said this is a good thing because it will open up more parking options downtown.
Up to $33.6 to $49 million will be taken from parking funds to build two separate garages with a combined 2,600 open spaces.
The city has been looking to create a commuter lot on the east side of town and found this to be the perfect opportunity.
The garages will be funded by the city, which are dollars that will come out of the parking and mobility fund and not your pocket.
“We do a bond issue through the downtown authority,” Peter Shonka, the assistant city manager, said. “We get really good interest rated on that, and then the garage once it’s opened up will provide the revenue to support the debt service and interest rate on that bond.”
Developers said this project will cost around $600 million. You may remember the Savannah River Landing project was supposed to happen back in 2007. Developers had a plan in place, but it fell through because of the recession.
Now, they plan to make headway the beginning of next year.
City officials also said they will not break ground until the developers do.
Below is an image of where and how the city will fund its part of the project.