Last Monday, the city council of Oulu reached a final consensus, voting in favor of building the underground parking garage beneath the city center. The council guaranteed a loan of 36 million euros for the project. The contractor, Oulun Pysäköinti Oy, needed to secure the loan in order to finance the project.
It is estimated that construction of the underground parking garage, dubbed Kivisydän ("Stone Heart"), will cost 73.5 million euros. Local real estate owners will provide 44.6 million of the funding, most of which will come from funds already earmarked for the long-awaited project.
At the council meeting, Mayor Pennanen pointed out that when calculating the total expenses it should be kept in mind that construction of the garage will foster new opportunities for investment in the area.
The underground parking facility will be built by Finnish construction giant Lemminkäinen Oyj.