Edmond developers can build or put up money
Members of the Central Edmond Urban Development Board recommended to the city council this week a plan to allow downtown developers to put up a fee with the city instead of constructing parking spaces.
Ralph Armstrong, urban board member, said the "fee in lieu of system" allows the developer to maximize the use of the property and the community to provide parking.
The plan is for the developer to put $7,500 per parking space into a reserve account with the city. The money is then to be used to build new parking lots or possibly a parking garage.
Developer Pete Reeser said the central urban board agreed the reserve money could only be used for the construction of parking.
Urban board chairman David Forrest and City Attorney Steve Murdock disagreed with Reeser and said the money could also go for maintenance, signage, landscaping and striping.
The recommendation would allow the developer to decide how many parking spaces to build as part of the project. Money for the remaining number of parking spaces to meet city code would go into a city reserve account.
City staff members were instructed by city council members to prepare an ordinance for them to vote on during a future meeting.
"At $7,500 a pop it is going to take a long time for there to be funds to do something," said Mayor Charles Lamb.