On May 12, Hanover residents will be asked to approve a $5.1 million project that would include a 300-space parking garage as well as 48,000 square feet of office and retail space.
The project, if approved, will be a joint venture with the College that will increase downtown parking by 228 spaces and build a retail and office space that Dartmouth would own and operate. The project would be built between Ben & Jerry's and the Hanover Park mall at 7 Lebanon St.
If the project passes, construction is expected to begin by the end of 1998, College Director of Real Estate Paul Olsen said. The garage would be built on College- and town-owned property that is now occupied by a Fleet Bank drive-through and a parking platform.
Hanover's Parking Facility Task Force Chairman Jay Pierson told the Valley News the task force anticipates the project will "draw in more trade for the merchants." The task force has been working on the project since last May.
The garage would be designed to contain essentially four-and-a-half lots on four levels -- one above ground, one partially below and two others completely below ground.
Of the 300 spaces, 100 will be leased to the College and then leased back to the town at a discount rate, Olsen said. In addition, the College will agree to pay for construction costs that could amount to more than $17,000 per parking space.
However, he explained, the College is obligated to build a parking lot to accompany the new retail and office space, and this arrangement will cost Dartmouth less than if it were to build its own facility.
Thirty of the garage's spaces will be allotted to the College but will be used only by tenants of the retail and office buildings. The rest will be a mix of leased and public spaces, open to anyone.
The College has not identified who will occupy the retail and office space, but that there would be room for up to four retailers and 12 offices.
The project's $5.1 million price would be paid for by a 30-year bond issue that must be approved by town voters. The bond would be repaid by property and business owners in the central business district.
In addition, the debt would be paid by an increase in the parking district tax, as well as an increase in the fee businesses pay for violating the parking space zoning ordinance.
The project would require a majority of two-thirds to pass, as well as a two-third majority to approve the bond.
