The City Council Tuesday night is scheduled to consider agreements to pay more than $2 million for property needed for the future First and Main transit center.
One agreement calls for Longmont to pay $1,885,400 to Barron-Melendez Real Estate Ventures for property at 23 S. Main St., according to a city staff report.
The other agreement is for $387,500 to JTM Paint Real Estate for property at 3 S. Main St.,the report states. The funds for the purchases are coming from the city’s Capital Improvement Fund.
The city council will consider the agreements Tuesday at 7 p.m.
The city is working with the Regional Transportation District to build the transit facility that involves the construction of a public parking structure incorporating a bus station, and the extension of Coffman Street along with supporting infrastructure, the staff report states.
RTD and the city have agreed to partner to plan for and construct the transit facility and to buy land for improvements. RTD has committed $17 million for the project with the city responsible for any costs over that amount, the staff report states.
Based on the estimated cost of $23.65 million for the land acquisitions and improvements, the city has set aside $7.45 million in capital improvement funds toward the project, the staff report states.