Loveland council to be asked to take step on Draper parking garage

LOVELAND — The Loveland City Council and the Urban Renewal Authority will be asked Tuesday night to approve a cost-sharing arrangement that will enable developers of the downtown Draper project to design a parking garage that ultimately will become the property of the city.

The Draper Project, which includes properties starting at 301 E. Fourth St. where the Heartland Cafe and, previously, Draper Drug were located and extending eastward to 333 E. Fourth St. is projected to include five stories of redevelopment. It will include 96 residential units and 14,559 square feet of commercial space. 

To enable the development to work, developers want to build a 277-space, $12-million parking garage on the southwest corner of Fifth Street and North Jefferson Ave. on a city-owned surface parking lot. The garage would provide a net increase of 115 spaces. Tenants of the Draper development would use 106 of those units and pay a parking fee.

According to documents included in the City Council packet, the developer has completed about half of the parking garage design and seeks reimbursement before proceeding further. 

Costs for the garage design and its construction would come from LURA funding, Finley Block URA funding, future Downtown Development Authority district sales and property tax increments and general fund dollars, according to the information provided to the council.

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