MUNCIE, Ind. — The Muncie Redevelopment Commission met in special session on Oct. 8 to discuss the sale of a parking garage in the village, which is used by the Village Promenade apartments. This provides residents with a place to park their vehicles in an area that lacks a vast supply of parking.
The garage will be sold to Cardinal Square LLC for approximately $ 3.1 million. Cardinal Square will invest $1.95 million and pay the city the remaining $1.09 million over the next decade. They are expected to make payments in $110,000 increments for nine years, with a final payment of $104,325 in the tenth year.
The city has its own part of the deal, Jeff Howe, the Muncie Redevelopment Commission Director said, “We will provide half of the maintenance on the parking garage. So we have agreed to provide some support during the contract — That probably saves us around $20,000 a year currently.”
However, no one from Cardinal Square was present at the commission meeting, which made one commission member, Andrew Dale, skeptical.
Dale said, “I’m not in the nature of this sale, and I would have appreciated someone from Cardinal Square to be here today. Maybe they were allowed to be, maybe not, but it’s not that I’m against it.”
Ultimately, Dale was the only one to abstain from voting, citing a lack of information. The rest of the commission all voted in favor. The sale will be completed on October 15th.
Contact Dylan Chesnut with comments at dylan.chesnut@bsu.edu.
