190 parking stalls possible at KDN property

NEWS / CITY HALL — Tearing down the Kamloops Daily News building could add 190 stalls of surface parking downtown, says a report to City council.

The property, to be purchased from Glacier Media for $4.8 million, includes the 19,500 sq. ft. building at 393 Seymour St. and a 120-stall parking lot. Demolition of the building is estimated at $900,000, plus another $370,000 to build the new parking lot.

The report says the City’s independent appraisal of the property estimated fair market value at $4.6 million, while Glacier’s appraisal put it at $5.56 million. The sale, announced last week, will be concluded Aug. 29.

Money for the purchase will be borrowed, with the debt paid with $108,000 a year in projected revenue from the existing 120 parking stalls and $169,600 a year with revenue from the new-parking infrastructure reserve fund. A parking meter rate increase next January would raise an additional $200,000 year for the reserve, says the report.

Council is expected to formally approve details of the purchase today.