City leaders in Holland, Mich., recently approved a deal that will add 380 parking spaces to its downtown.
The three-story, $6.7 million parking structure is one part of a $30 million public-private partnership with Geenen DeKock Properties (GDK) to upgrade a downtown block with not only parking, but retail space and apartments.
Under the parking portion of the deal, Holland will transfer the property to GDK, which will building the parking structure. At the end of construction, the city will buy back the property and structure, taking on debt that will be repaid via tax increment financing taxes. Those taxes will come from adjacent properties within the TIF district built by GDK.