Longmont to consider deal pairing First & Main transit garage with private development
The draft would have the city build a garage with bus and public parking while Main Street Tebo develops housing and commercial space, with city reimbursement for specified improvements capped at $600,000.
Published at
Longmont City Council is scheduled to consider a proposed agreement Oct. 6 under which the city would build a transit garage at First & Main and Main Street Tebo, LLC, would develop housing and commercial space nearby. The revised agenda schedules a first reading Oct. 6 and a second reading and public hearing Oct. 20, the agenda says.
Under the proposed Phase 2 Development Agreement, the city would build the garage, and Main Street Tebo would build its project on its property and two city parcels. The city would convey those parcels for $1 before a building permit, subject to Council authorization and required public dedications and easements, the proposed agreement says.
The garage is designed to include at least 10 bus bays and 200 contiguous parking spaces reserved for the Regional Transportation District (RTD). The agreement allows up to 350 spaces for the developer’s use and anticipates about 158 public spaces. A broader concept described in the Council communication includes about 246 apartments, roughly 14,000 square feet of commercial space and more than 700 parking spaces. Those figures are not fixed in the agreement, and plans remained under city review.
The agreement sets annual rent of $168,000 for the developer’s lease of up to 350 garage spaces, with a two-year, occupancy-based ramp-up and 12% increases every five years. It also contemplates a lease to the city of about 14,000 square feet of commercial space for at least 15 years at market rent, subject to annual appropriation. The developer would provide public vehicle access across one parcel, a pedestrian route from Main Street to the garage, and specified street, water and drainage improvements. The city’s reimbursement for those improvements would be capped at $600,000, subject to available funds and appropriation.
The agreement does not state a total cost for the garage or the full development. A City-RTD agreement incorporated into the proposal provides for a $16.4 million RTD contribution toward transit facilities, with the city responsible for the remaining funding. If the facilities exceed $23.65 million, the city must seek non-RTD funding or reevaluate its share. A separate $37 million appropriation in the packet is for station-area improvements, not the price of this development agreement.
The city anticipated starting garage construction around Dec. 1, 2026, and must use best efforts to complete it by Dec. 31, 2027. The developer’s deadline to start is the later of 12 months after garage construction begins or Dec. 31, 2027. It must then diligently complete its project within two years and six months after receiving a building permit.