Ridgewood News Letter: Will parking deck pay for itself?
DECEMBER 11, 2015 LAST UPDATED: FRIDAY, DECEMBER 11, 2015, 12:31 AM
THE RIDGEWOOD NEWS
Will parking deck pay for itself?
To the Editor:
The results of the recent election have indicated that there is a need for a parking garage. The village website provided inadequate information. Of the three designs only one was shown.
The consultants have stated that the bond can be retired from the projected revenues. However, there is no evidence of the reliability of these projections.
The design that is favored by many is one that has brick panels. It is pleasing aesthetically. The design is more expensive to build and more expensive to maintain in this climate. No financial considerations appear to have figured in this design. In addition, there is only a small building in the vicinity that has some brick exterior. If the construction bids come too high, will the architect redesign the project at no additional fee?
The revenue projections are based on increased meter fees. When fees are raised, occupancy tends to go down. The financial report cites one case where this happened. If sufficient revenues are not generated, the town residents will be left holding the bag. The consultants and the council members will be long gone.
There is no urgency to build a large deck given the uncertainty of revenue projections. I therefore suggest that the project be built in two phases.
Ridgewood
