Letter of Agreement With Real Property Board

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The present estimate of fair value for the gsxege site, 187,277 sq. ft,, is $820,000, The total $7 million garage costs will be 100?^ creditable under City contribution to the cost of the Government Center project. The garage contribution will constitute more than 50% of the City's local share. Funds can be made available for the garage from existing bonding capacities aad from cash available to the Real Property Board, As a result of thorough discussions on the subject of a proposed parking ga...rage, a letter of understanding with the Real Property Board has been executed by Real Property Commissioner Sullivan. The letter submitted herewith covers the follow- ing points: 1, Agreement on the proposed site for the garage.
2, Agreemant on the presently estimated fair value for the site'=$820,000.
3, Agreement on the general controls of the proposed Urban Renewal Plan as well as the specific controls on the parcel, 4. Agreement on the presently estimated size and cost of the garage~2,000 cars for $7,000,000, 5.


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