VC, listen up. Lease the Hudson lot to a developer for 99 years. Let the developer pay for it completely. Let them charge what they want to make it a profitable. Let them pay the cost of maintenance. Let them cut deals with local merchants, banks and restaurants for validated parking, and take nothing from them except the usual property taxes. Then, see how many developers step up. If the number is ZERO, then you have an indication that the idea is a LOSER. The Village already collects taxes from the CBD property owners, so why LOSE money by going into the garage business?
A land lease is a type of financial arrangement in which the ground under a structure is leased, rather than sold to the builder, meaning that the land and the structure are owned independently.
The Village should enter into a long term land lease with parking garage company who will pay to construct and operate the parking facility.. Since they are an independent business they should be able to charge whatever rates they wish.. Ultimately the market will determine how much people are willing to pay.
