Seattle is weighing a proposal to sell a downtown mall parking garage that has been losing money.
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The city still owes $59 million on bonds it issued to build the Pacific Place garage, according to the Seattle Times newspaper.
The City Council’s finance committee is evaluating a proposal to sell the property for $55 million to the mall’s owners, Pine Street Group, the Times reported.
The newspaper said the city loaned the garage $4 million from its general fund to cover operations over the past two years. The Times said the garage cost $50 million to build.
Seattle also spent $73 million to help redevelop the three-block area downtown served by the mall and the garage, the newspaper said.
