City Council will vote on sale of parking ramps

The Minneapolis City Council will decide whether to sell eight city-owned parking ramps at its meeting Friday morning.

The ramps would be split among three different buyers with the city receiving a total of more than $88 million.

— St. Anthony Ramp LLC offered to pay a little more than $2.5 million for the St. Anthony Ramp, 210 2nd Ave. SE.

— The Guthrie Theater Foundation offered to pay $16.5 million for the Riverfront Ramp, 212 9th Ave. S. The offer includes the stipulation that if the closing does not occur by March 1, the purchase price will decrease to $16 million.

— Alatus Partners LLC has offered just over $69 million in return for Centre Village Municipal Ramp, 700 5th Ave. S.; Downtown East Municipal Ramp, 425 Park Ave. S.; Federal Courthouse Municipal Ramp (leasehold interest only), 333 3rd Ave. S.; Gateway Municipal Ramp, 400 S. 3rd St.; Loring Municipal Ramp, 1330 Nicollet Mall; and Seven Corners Municipal Ramp, 1504 Washington Ave. S.

On average, the ramps were collectively expected to lose about $690,000 annually in upcoming years, according to a city report. In addition to the sale proceeds, if the ramps are sold the city will also collect annual property taxes of roughly $800,000 from them.

The city issued a request for proposals for the ramps in July 2006 and received 12 proposals and one letter of interest by the October deadline. According to city reports, Alatus won out over other bidders because it proposed to develop at least one housing, service retail and/or hotel projects at a cost of $13 million on the Downtown East Ramp site and develop a $10 million housing project on the Seven Corners Ramp site.

The City Council meeting will begin at 9:30 a.m. in Room 317 of City Hall, 350 S. 5th St.