The new terminal at Minot International Airport could include a parking ramp.
The concept for a three-story parking ramp with room for 900 vehicles gained the support of the Minot City Council’s Airport Committee Tuesday. The committee is recommending the council enter an agreement with Republic of Minot, a new entity that would be created, to develop the parking.
A team of companies joined with existing parking manager, Republic Parking, to propose the parking concept, which would include another 900 surface spaces in addition to the ramp. The team includes GraCorp Capital, a financing company; Graham Construction Services, the contractor on the $41 million terminal now under construction; Walker Parking, a consulting firm; KLJ Engineering, the airport engineers; Coover Clark, architects on the terminal project; and Trillion Aviation, a consulting firm.
The cost of the project and projected parking revenues to the city are undetermined at this point. However, the city would have no upfront cost under the proposed financing plan.
Scott Fowler, representing GraCorp, said the timing is right to build the parking garage now because no existing parking or terminal operations would be disrupted. By constructing the garage in conjunction with the terminal, the project would see cost savings, he added.
“We think that’s a very value-added component to this,” he said.
Under the proposed plan, Republic Parking and GraCorp would form Republic of Minot, a separate company that would lease property from the city and contract with Graham to build the parking garage. An operating agreement would be negotiated between Republic and the city that would spell out how parking revenue would be shared during the 30-year land lease. After the 30 years, the structure would belong to the city. The ramp would be built for a 60-year or longer life.
The 1,800 proposed parking spaces compares to about 1,140 spaces that currently exist at the airport with the overflow parking areas.