(80th in a series of posts on parking)
We can use our good newsfolk for an overview of this discussion preliminary to a final proposal in August.
- BPA bought the 3rd and Polk property from the Sands in April for $2.1m
- The PSG is planned for 470 spaces (New St. = 626, Walnut St. = 777)
- Open is the possibility of expanding PSG to 750 spaces
- Price tag for PSG = $16.8m
- PSG could open December 2020
- The BPA will not need a loan backed by the City for PSG (unlike for NSG)
- As planned, the BPA will stop paying the city $450,000 annually in 2021
- That planned reduction helps the BPA pay new debt on its own
- No decision yet on whether to renovate or reconstruct WSG
- Thus, no decision yet on whether WSG will need a city-backed loan
- The Mayor wants the PSG
- The Mayor wants the BPA to stand on its own financially
- The financial advisors say that the BPA can stand on its own for PSG
- The BPA has commitments now for 370 spaces
- PSG would include commercial or residential space
- For policy reasons, the BPA will recommend increasing the fine structure
- But increased fines are not needed for financing of PSG
- Questioned was the amount of debt the BPA plans to carry
- Questioned was what happens if BPA can’t pay its debt
- Questioned was why contract rates were far under market rate
- Suggestion was waiting till demand pushes the need for a garage
- Exploring the use of the “Ruins lot” in the meantime
- Countered by information that the “Ruins lot” is not and would not be in play
- Questioned was subsidizing a garage outside city’s historical district
- BPA plans to vote on securing the private bank loan at its July 24 meeting
Got the general idea? Now let’s go a little deeper.
Essentially they bought land from Sands-Bethworks, and a good part of the demand comes from the ‘510 Flats’ building taking over what used to be a large parking area for NCC and for future development of the land that used to be Sands-Bethworks.
Why aren’t the developers required to provide parking under the buildings — or to pay the full rate for every space? The full rate should be based on the total cost per space to build the structure and repay the debt within 20 years. (≈ $150/month/space)
I do think NCC should pay less than the full rate, because all its costs are all paid either by taxpayers or by low-income students. (The ‘full’ rate could be increased to cover the subsidy.)