Butte-Silver Bow commissioners authorized an $8 million bond Wednesday night to pay for the parking garage that will be built on West Park Street in Uptown Butte.
It was a final procedural hurdle for the garage, so work at 60 W. Park St. could begin within days, with a formal ground-breaking ceremony likely later this month.
Before the council voted 8-2 to allow the bond, Community Development Director Karen Byrnes told commissioners there is no intention to end free parking elsewhere in Uptown Butte or change two-hour zones because of the garage.
Such decisions fall to the county’s Parking Commission, she said, but there are no plans to seek such changes.
The maximum cost for construction is about $7.4 million, but it will cost about $120,000 to issue the bond and more than $500,000 must be put into a reserve account.
The project has been approved by the county’s Urban Revitalization Agency, which is using property tax revenue from the Uptown tax-increment financing district (TIF) to pay back the bond over 23 years.
TIFs by themselves do not increase taxes, they simply capture property tax revenue created when new developments in an area add tax value. The Uptown TIF was redrawn and reauthorized by state and local governments in 2014.