Bastrop extends timeline for proposed downtown parking garage

Long-awaited parking garage plans remain in limbo after Bastrop completes its $525,000 purchase of Water Street.

Bastrop finalized its $525,000 purchase of 804 Water St. for the proposed downtown parking garage, but the project’s construction timeline remains unclear as city officials have not been able to acquire the neighboring properties wanted for the larger development.

How we got here

The city bought the 0.16-acre land site May 6 after the Bastrop Economic Development Corporation authorized and City Council approved the funding in February. The BEDC amended the funding agreement July 27, pushing back construction by two years and permitting the property for commercial use. While the city is leasing the property, collected rents are paid to the BEDC due to the time extension.

Timeline:

• Feb 9—Bastrop Economic Development Corporation Board of Directors took formal action to authorize the BEDC to fund the purchase
• February 10—First reading authorized by the city council of Bastrop to purchase the real property
• March 24—Second reading authorized by the city council of Bastrop to purchase the real property
• May 6—Purchased 804 Water Street for $525k to develop a downtown parking garage with associated retail space
• July 27—BEDC approves amendment to purchase funding agreement, extending construction start date by 24 months.