Rather than continue a band-aid approach of repairing the more than 50-year-old structure, David wants to demolish and replace the Collier St. ramp. And he wants to defray some of the cost to the city by entering into a public-private partnership.
The Mayor envisions a building that has commercial or retail space at street level, a few levels for parking and then housing on top of that.
"This is a bold and visionary and dynamic type of project that could really help change the landscape of downtown Binghamton and increase our economic development opportunities. I'm very excited about this project," said David.
David plans to apply to the Southern Tier Regional Economic Development Council for $9 million to cover the city's share which would pay for the majority of the parking.
He would then seek $6 million or $7 million in private development capital that would pay for the commercial space, housing and parking for the residents.
The city would maintain ownership of the structure and the developer would recoup its investments through renting or leasing the apartments and commercial space.
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