Feb 26, 2016 1:40 PM
Portsmouth agrees to pay $5.1 million for 1.2 acres to build city's 2nd parking garage
PORTSMOUTH - The city of Portsmouth has agreed to pay $5.1 million for 1.2 acres on Deer Street to Deer Street Associates (DSA) to build the city's second parking garage.
According to seacoastonline.com, an agreement that is under negotiation would require the city to build a new road leading into the parking garage, and also would require DSA to be paid a $600,000 deposit toward the property.
The agreement also states that if improvements have to be made, the city will pay 86 percent of improvement costs while DSA pays 14 percent. If the city ever decides to sell the parking garage and land, DSA would have the “right of first offer” to buy the property.
City Council is trying to reach a final agreement by their meeting on March 7.