Columbia, Bull Street developer to OK delay in construction of city-funded garage

Bull Street developer Bob Hughes and Columbia City Hall are about to change their contract to allow a delay in construction of a city-funded garage until next year.

That is the effect of an update that City Council is scheduled to vote on Tuesday. A 800-space parking garage is projected to cost some $16 million and the public is required to build it – and a second one of equal size later – under the agreement the city made with Hughes four years ago.

Hughes already has met the financial investment he must make to trigger the construction of the first garage, according to Gregory Tucker, who oversees the construction of public utilities on the 181-acre property.

So far, Hughes and the sub-developers who have committed to BullStreet, have gotten building permits for construction that totals $17.2 million, Tucker said.

Separately, the city has reimbursed Hughes for $14.2 million in infrastructure expenses for work already done, Tucker said Monday.

The city’s contract with Hughes requires he be reimbursed up to $31.25 million in water and sewer lines, roads, storm water systems, land purchases and other public amenities as the retail-residential complex is built.

The contract change Tuesday would free $5 million more in public money as development continues. Tucker said he expects that the new money will go toward finishing the construction of Gregg and Barnwell streets inside the development.

A deeply divided City Council signed the contract with Hughes in July 2012. Many residents complain that the city gave up too much control over the project and committed too much public money to encourage a private development that one day might exceed $1 billion, according to a study done at the time.

Besides a $67.2 million commitment to public utilities and two garages on the property, City Hall spent $31 million to build a year-round stadium. The stadium is funded through a 30-year bond that is to be repaid from meal taxes paid largely by patrons of Columbia restaurants and bars.

This story was originally published July 18, 2016 at 6:02 PM with the headline "Columbia, Bull Street developer to OK delay in construction of city-funded garage."