Under the proposal, Stonefield Development Co. would give thecity the first floor of the parking garage and $1,000 a year. In 50years, the entire $7 million garage would transfer to cityownership. In exchange, Stonefield gets the rest of the garage tosupply the required parking for an office building it wants tobuild on a portion of the site.

A more efficient use of space is not possible, says the city,because the water table is too high for underground parking in thearea, and the nearby Renton Airport precludes offices overabove-ground parking. The city's three-parcel lot is valued at$180,900, according to King County Assessor's records.

The current proposal includes a provision that the public couldpark for free in the entire garage outside of business hours, or 25percent of the proceeds if fees are charged. The agreement will besubject to council review later this fall.