Under that iteration of the deal, Portsmouth would have rented its new City Hall building from Armada Hoffler for 20 years for at least $2.16 million per year, with an annual rental rate increase of 2 percent. It would have also paid for new parking spaces at a cost of at least $18.4 million. The building and parking would have gone on the site of the city’s County Street parking garage, which would be demolished.