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City’s bond rating guides public policy in Carmel

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  • http://www.carmelchatter.com Rick Smith

    We paid $22.5 million for the a total of 184 parking spaces in City Center Garage or just north of $116,800 per parking space.

    The ratio of private to public spaces at City Center Parking Garage is 2 to 1. That means the actual cost of a Public Parking space at City Center was over $350,000.

    This proposed project would have a cost per Parking space of
    approximately $26,667/space However if the past ratio of Public to
    Private spaces is used there is a real cost per Public Parking Space of $85,000.

    Don’t most Cities downtown garages charge to park in their facility?

    Why do we subsidize all of the private parking in addition to providing
    TIF for developers? Is parking not a feature the developer includes with the Lessor as
    terms of the transaction?

    This also fly’s in the face of a letter the Mayor delivered to me that stated paying for parking garages should be paid for by the developer and he had learned from his mistake: See Photo inset

    http://imageshack.com/a/img842/4825/cz5yk.jpg

    The entire letter is available for review at:
    http://carmelchatter.com/showthread.php?1767-Thanks-to-the-Mayor-for-his-efforts

    Like a lot of things the Mayor says, you have to read between the lines. Though I’m pretty certain his direct quote is : “should be borne by the developer going forward unless the garage is solely for a city facility.”