The Muncie City Council has approved financing for a six-story parking garage as part of a planned $60 million project with apartments and commercial storefronts near the Ball State University campus.
Council members voted 7-2 Monday night in favor of plans for a $5 million bond issue. That money will go toward building the city-owned 342-space parking garage.
According to the The Star Press, city redevelopment commission director Todd Donati said quick approval was needed because a current building in the Village commercial district needs to be demolished this summer so the more than 200 apartments can ready by fall 2014.
Donati says the city will be repaid through the leasing of the garage's parking spaces.
The dissenting council members say they're worried about the city's financial risk.