Jenna,

The memo you referenced doesn’t exactly provide the context of the
deal.  Progress Energy owned the land, Highwoods needed parking,
but the overall parking deck would have been too costly.  Progress
donating the land to the city, drives the cost point down.  The
city gets to finance their portion of the deck with a Certificate of
Participation (COP) and pay the debt off with parking revenue from
their portion.

In all likelihood, the deck will be purchased from the city
eventually.  Having said that, Progress owns additional land
adjacent to this deck and though technically donating land, they
benefit from the increased value of their land with good parking.

 Oddly, it’s a win, win, win for all involved, but an odd governmental endeavor.