The parking lot at the southwest corner of Bay and King will continue to be leased by the City for five more years with the City bearing the full cost of maintaining the property.
The City will pay $235,000 in 2014 for the land, with an increase to $275,000 in the final year of 2019.
The City will exempt the land from property taxation, and give the property owners two free parking passes for the City’s underground lot at the Convention Centre.
Citing the Downtown Hamilton Parking Study from 2013, City staff warn that the recent revival in the Downtown core is resulting in a decrease in surfacing parking and this places “significant importance on retaining Car Park #80 within its parking portfolio”.
The staff report does not state how much revenue the parking lot generates for the City.
In the long-term, staff suggest there may be conditions for the building of a parkade.
Council votes Monday on the recommendation.