photo by Boyd Loving
Dollars and Cents
February 25,2018
the staff of the Ridgewood blog
Ridgewood NJ, The step for the in the Hudson garage process will be the Village Council reviewing the results of the Walker Feasibility Study at the next Public Work Session on Wednesday, February 28. The study will provide a planning-level analysis of net operating income potential for the parking system when the new garage is complete, including rate adjustments that will help maintain a parking utility that is self-supporting. Armed with a thorough financial analysis, we can then move forward with discussing contract negotiations and final selection.
Councilwomen Bernie Walsh told us ,” I was impressed by the professionalism of all who presented. They brought their A game and appeared to be genuine in their desire to provide the best option to Ridgewood for a parking structure.I had to recuse myself from the Haas proposal due to a conflict. I was pleased that the time frame is shorter than expected which would lead less disruption to the Village during construction.”
Deputy Mayor Michael Sedon also gave us some similar feedback , ” I thought all presenters highlighted interesting points and the four-hour meeting gave us a lot to think about. Maintenance was included in a past Walker financial report for the bigger garage of two years ago, so the idea that this cost would eat into the revenue generated by the garage has always been on my radar. The developers presenting did a good job this time around at highlighting those costs, while hammering home the importance of maintaining this critical piece of infrastructure to protect any potential investment in our Village.
The decision the declare the Hudson Street parking lot an area in need of redevelopment was very useful in these ongoing discussions, which has given this council the flexibility to work directly with the developer chosen allowing us to bring a project to fruition which is cost effective, efficient and aesthetically pleasing.
Finally the much awaited financial report from Walker will be discussed this Wednesday. With all this important information converging simultaneously it will provide this council with the most current picture as to how the entire project could work to benefit our Village. I am looking forward to the continued discussion as the complete picture comes into focus.”
