A new financial plan from the Downtown Redevelopment Authority could change the look of new Western parking, but not the substance.

The downtown parking structure that Western is planning to lease after its completion will have fewer floors than originally planned and nearly 300 fewer parking spaces, Mayor Elaine Walker said.

Though less space is initially available, Western’s number of spaces in the garage will remain the same, Walker said.

Mary Cohron, chairperson of the authority, said downtown redevelopment plans had to be changed because collapsing financial markets made it difficult to sell the bonds to pay for the projects.

The Warren County magistrates had to move quickly to find a way around the lack of buyers and have enough money to move ahead with the project, Cohron said.

“The only doable option was to use new market tax credits for private development,” said Cohron. “Originally the plan was going to cost $30 million, but the market issues forced us to rethink our available finances.”

The new market tax credits require dedicating a portion of taxes on new revenue generated by Graves-Gilbert Clinic, The Medical Center and Western to buy the land for the garage, begin building and finish the baseball park as planned, Walker said. They are expected to generate $9 million.

The authority also created a sister group known as a Special Purpose Entity designed to focus solely on the redevelopment planning, Cohron said. Although the SPE has the same members as the authority, it was designed to hasten the project’s completion.

President Gary Ransdell said that he hasn’t been involved in the refinancing discussion.

“I just hope they do whatever’s necessary to move it along,” he said.

Western will pay about $250,000 a year for 20 years to lease 200 parking spots and then pay the same amount for 300 spots for another 10 years.

After 30 years, Western will pay $1 per year for the spaces.

That money will be used to repay the cost of building of the structure, said Kevin Brooks, attorney for the Warren County Downtown Economic Authority.

“Western’s $250,000 commitment was long term,” said Brooks. “We look forward to advancing this project with them for years to come.”

The city commission will address the financing at the next meeting on Feb. 3.

Cohron said that after the decision is made they will buy the property and move ahead with the project as planned.

“The ground is ’shovel ready,’” Cohron said. “It means a lot to all of us and it’s essential we move ahead as quickly as possible.”