The Burlington City Council unanimously approved on Monday the sale of a downtown parking lot to Champlain College. The college will pay $1.1 million for the 42-space lot one block Burlington's City Hall Park.
The college has plans to develop the Browns Court Parking lot along with the adjacent property, which it bought in 2009. The new development will hold 70 to 90 apartment-style housing units for Champlain College students.
Champlain officials eased concerns over parking in the downtown area by committing to maintaining the same number of public parking spaces on the lot.
The sale will make the property taxable, generating about $120,000 annually for the city, according to Brian Pine, Assistant Director for Housing at Burlington’s Community & Economic Development office.
The lot currently brings in about $30,000 for Burlington through parking fees.
