The garage loses about a million dollars a year for the life of the garage. Rate increases everywhere are not up for debate- they are the only way to come close to paying for the garage. Wait until the math wizards who voted ‘yes’ see that the garage rate will have to be lower than the street rate just to spur demand for the garage. This is just the start of the self imposed retail implosion from liberals, wait until they get the minimum wage hikes they want. What do you think $15/hr does to the CBD where the stores are tiny and the required revenue per square foot is already sky high to pay the rent? A rent that the village council wants to nearly double which was the whole reason to build the garage, increase the tax haul from the CBD. Only the ‘no’ voters did the math.
We have reached the pinacle of decades of mismanagement regime after regime.
Look behind the curtain..developers and other political
hacks have been driving the bus as far as Misprioritization
of the common Taxpapers needs vs the money people who see ridgewood as the new Englewood or Montclair with fields of condos and associated costs related to any fantasy transit village conversion, so that the realtors and developers can pick the towns assets clean down to the bone .Leaving the massive debt servicing to the home owner families with mortgages and kids in local Schools for years ahead
Realtors love the churn..developers love the chaos ..
Parking debt public obligation will be unsustainable ..but by then the developers will have sold to the REITS and moved on with
our futures in their greedy pockets ..Interest rate and taxation rising rates add more fuel to the fire ..ps pave cottage place parking lot…have you no shame VC .?
That’s what you get when you elect a realtor for Mayor. It will only get worse.
So far we have about $13mn in debt obligations related to parking garage bondings… given the historical pattern of delays, expensive ‘change orders’, and cost overrruns associated with any project the Village has financed ($500K golden toilet anyone?), my guess is this will come in over $20 million and run at an operating loss of more than $1 million annually. And that’s without ‘coin boy’ and his enablers stealing our quarters. All this, just as interest rates spike. It adds up to more financial lunacy from the Village, and taxpayers get screwed again.
Ideally there should be a finance report presented shortly to the council on parking revenue since the September increase with projections on rates needed to fund the debt service of the garage (garage revenue only approximates direct operating costs of garage). The council should be talking about the required meter rates NOW. After garage is built it is simply too late to discuss meter rates.
solution for Boomers
cash out/..via
ALLIED Van Lines
1-800
haul ass out of this Broken town//..sadly