Glens Falls to buy TD Bank property to save city parking

“The City has obtained or will obtain financing to purchase the property or will use funds in the City of Glens Falls reserve funds” to do so, the documents state.

The total property, approximately 1.79 acres, is comprised of six parcels between Maple Street and E. Washington Street in Glens Falls. The property is adjacent to the Queensbury Hotel building. The purchase would include the TD Bank building and the large parking lot, currently approximately 150 parking spaces, on E. Washington Street.

According to Mayor Bill Collins, the plan is to purchase the property to provide parking for city and library employees.

“There’s actually what you call the TD Bank parking lot, there’s five or six parcels, as it’s divided on the tax map,” Collins said. “So we’ll probably put out a request for quote, a recommendation for qualifications, and see if there’s anyone interested in developing that. We just want to make sure that we have parking in the future.”

Collins said funding will come from several sources.

“We have a reserve fund. The library will provide some of the money, and we also have ARPA funds that we can use, I think, to pay for the property as well,” he said. He also said there would be no long-term cost to taxpayers because of this.

“We had to secure the property because if it was turned over to development, it would end up costing the city a lot more money,” Collins added.

Parking in the city has been a contentious issue, especially since the COVID pandemic ended. As part of a citywide upgrade to street lighting, parking monitors have also been added. The city has considered charging for on-street parking and has studied overnight parking on various streets across the city.

The sale will close within 45 days of signing the contract, with an initial deposit of $50,000, according to Common Council agenda documents.