Downed First Street Parkade to become temporary surface lot

CEDAR RAPIDS - On Tuesday, the City Council approved a plan by a group of downtown property owners to build a temporary surface parking lot on the site of the now-demolished First Street Parkade.

The group, which calls itself Short Term Parking Solution LC, will lease the site from the city for $1 a year for three years and pay the estimated costs of $250,000 to build the temporary lot. Monthly fees from the 100 or so parkers will go to pay off the debt. The Downtown District will manage the lot parking.

The agreement will continue after three years if the city does not sell the property for redevelopment, with parking revenue going into the parking system's operation. The city will pay off what debt is left on the temporary lot if it sells the property within three years.