By Scott Nishimura snishimura@bizpress.net
Free night and weekend parking at four popular downtown Fort Worth garages will continue, under lease renewals approved Wednesday by the Downtown Tax Increment Finance District board.
The board approved lease renewals for the 777 Main and three Sundance Square garages at the City Center and Chase Bank, through the end of the TIF’s life in December 2025.
The 777 Main garage, which serves about half of Bass Hall patrons and whose lease was due to expire Friday, will set aside 1,000 night and weekend spaces for the general public, broadening that lease.
And Sundance Square agreed to blend the City Center and Chase Bank leases into one de facto agreement for the TIF’s purposes. The TIF owed Sundance $2.5 million over the remaining four years of the Chase Bank lease, and the City Center leases were due to expire later this fall.
The new Chase Bank agreement stretches the $2.5 million across the next 11 years, to 2025, and Sundance “threw in” the City Center spaces for free, Jim Johnson, the TIF administrator, said.
The TIF board unanimously approved the new leases, with member Johnny Campbell, CEO of Sundance Square, recusing himself from the vote on the Sundance agreement.
Downtown boosters had argued that a diminunition of free parking downtown, which the TIF has funded for years, would significantly damage downtown retail and entertainment.
777 Main Garage Lease Terms Duration of Lease Until December 31, 2025 Spaces Provided 1,000 spaces for free public parking in the 777 Main North garage Free Parking Hours Monday through Friday 6:00 PM – 1:00 AM; Saturday and Sunday 10:00 AM – 1:00 AM Special Events Performing Arts Fort Worth may give priority to ticketed patrons of live performances within one mile of the garage during events such as the XTO Energy Parade of Lights or MAIN Street Fort Worth Arts Festival.
Sundance City Center (#1 & #2) and Chase Bank Garage Lease Terms Duration of Leases Until December 31, 2025 Spaces Provided Over 2,300 spaces for free public parking in the Sundance # 1, # 2, and # 3 Garages Free Parking Hours Monday through Friday 6:00 PM – 3:00 AM and all weekend