Ridgewood Financial Advisory Committee Concludes Hudson Street Parking Garage can be funded entirely by parking revenues. Well maybe they would like to sign a contract that they will be financially responsible for any shot falls of the garage for the term of the bond. That board both past and presents members are all tied in to the 3 amigos.
Timing alone of this released opinion is more than questionable.let them release the Data or withdraw these Statements.NO ONE GETS CALLED OUT ON ANYTHING IN RIDGEWOOD.We are talking Millions in underfunded liabilities including New village Emoloyees and associated Liabilities also for their Employment and Benefits Costs.
The scary issue is what utilization the garage has to achieve to cover its fixed cost ( salaries, debt service, etc.). If it covers with 50 % of spaces occupied during the day that might be OK, but if it takes 90%+, then we’re probably looking at a money pit.I don’t see where this issue was addressed by the FAC. As others have said, “can” is not the same as “will” or even ” will probably”
Ridgewood Financial Advisory Committee Concludes Hudson Street Parking Garage can be funded entirely by parking revenues
This title is misleading. Maybe it “can” be funded by parking revenues, but maybe it cannot. Maybe it “can” be if the rates go up town-wide, if the hours of paid parking are extended, if the lot is occupied 24/7…….or maybe even then it cannot be.
“We recognize that while parking revenues should cover the cost of the garage, funding the garage still creates an additional financial obligation for the Village, which would need to be met by other sources in the unlikely event that parking revenues fell short. However, we think the substantial benefits offered by a garage support taking on that obligation. * * *”
SHOULD is not the same as WILL. “IN THE UNLIKELY EVENT THAT PARKING REVENUES FELL SHORT” – If the economy tanks as it did in 2008, parking revenues WILL FALL SHORT and taxpayers will be stuck paying for this money pit.
Why wouldn’t they recommend a public private partnership (PPP) between the Village and business owners in the CBD? If it’s so beneficial to the Village’s core, wouldn’t business owners want to contribute to the cost of the garage? Village taxpayers will get better cost oversight from private business people than if it’s just the Village engineer overseeing it… $500,000 golden toilets anyone?
