Council approves REDI's lease of downtown garage space

Monday, December 20, 2010 | 11:43 p.m. CST

COLUMBIA — The City Council approved a plan for Regional Economic Development Inc. to lease retail space in the garage at Fifth and Walnut streets for offices.

REDI, a public-private economic development organization for the Columbia area, would have a few thousand square feet of office space in the new parking garage, as well as space for a small business development center.

The new office space would be located on the first floor of the parking garage, and City Manager Bill Watkins said it would be close to the police station. The area behind the frontage would then be used for parking.

The approved lease plan would allow REDI to begin architectural work since the space leased is totally unfinished, Watkins said.

The agreement between REDI and the city outlines the lease in two phases.

In the first phase, REDI’s base lease payments on its office space will be deferred for seven years, although REDI will cover monthly parking and all utilities.

After the initial seven years, REDI will have the option of extending the lease.

The second phase outlines the options available to REDI to fund downtown “incubator space” or an entrepreneurial center.

REDI would need to secure independent funding and a $425,000 government grant, which is pending in the U.S. Senate. If the federal funding is not approved, REDI would need to seek funding from other sources.

This option period for REDI would end Jan. 15, 2012, after which the city could extend or terminate the option.

“We have had people approach us with whether of not that space would be available,” Watkins said. “This kind of gives us good reasons to say, ‘Nope, you need to wait a year.’”

Like what you see here? Become a member.

Show Me the Errors (What's this?)

Report corrections or additions here. Leave comments below here.

You must be logged in to participate in the Show Me the Errors contest.


Leave a comment

Speak up and join the conversation! Make sure to follow the guidelines outlined below and register with our site. You must be logged in to comment. (Our full comment policy is here.)

  • Don't use obscene, profane or vulgar language.
  • Don't use language that makes personal attacks on fellow commenters or discriminates based on race, religion, gender or ethnicity.
  • Use your real first and last name when registering on the website. It will be published with every comment. (Read why we ask for that here.)
  • Don’t solicit or promote businesses.

We are not able to monitor every comment that comes through. If you see something objectionable, please click the "Report comment" link.

You must be logged in to comment.

Forget your password?

Don't have an account? Register here.