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?
This garage will be the next overpriced Village Hall. Isn’t the current excess revenue generated from the existing parking used to supplement the tax rate? So if the best case happens by increasing the parking rate, hoping that usage doesn’t go down won’t those excess funds disappear and then need to be supplemented by the taxpayers ??
The fix is in….grab your ankles cuz here it comes…..
If we could go back in time and get 7 more votes for Killion we would not be in this predicament.
The Financial Advisory Committee is a shadow group appointed by the Aronsohn cabal. They exist to be cheerleaders for the Council majority. They do not keep meeting minutes. Who knows what they really said: did they say ” Let’s do it for Paul, Al, and Gwenn?” I agree that the big money should have skin in the game. It’s another scam on the taxpayer.
Last Thursday, which happened to be a beautiful day, my wife and I decided to go into town and have lunch. From 11:30 to 2:00 we ate, shopped and basically just walked around and enjoyed the day. We had no trouble finding a space, nor did anyone else since there were very few people in the CBD to begin with, including the restuarants.
In fact, we even sat for a half hour on a bench across from Kilwin’s and if 25 people walked on either side of the street, it was a lot.
What the hell do you need a 350 plus space garage for ?
Bill – exactly….the CBD is an anachronism.
High rents have caused the little businesses that used to draw people to Ridgewood to move their shops to Paramus or Westwood.
Parking is no longer a problem !
Is does seem that Vag runs the town.
In reality, unless you build a garage on every corner, people will complain about the lack of parking. What they really mean to say is that they can’t find parking immediately in front of the store or restaurant that they are going to.
8:58 is spot on.
11:28am is right on the money, people are lazy.
The irony is that once the garagemahala is built, if it doesn’t fill up and pay its way, the next cry will be that we need a ten story office building to go next to it so that we have people to use the garage.
Just vote NO
VOTE NOOOOOOO! Get everyone you know to vote NO! The cost to build this thing is astronomical. Not to mention the building is hideous and an attraction for mischievous, drugs and theft. The debt we will be left translates to higher taxes. They plan on increasing parking fees to off-set the cost? It will cost more to park than the coffee you will stop to buy. Think of the people earning minimum wage that have to pay parking while working. Downtown Ridgewood will become a ghost town and businesses are going to run out of town. Ohhhh and that too will add to higher taxes. VOTE NO!
For years people have complained about parking, then as soon as a solution is proposed the same people find a million things wrong with it. I’m for it, and don’t care about increased parking fees, I just want to be able to park, in which case I will patronize downtown more frequently which means improved economy for Ridgewood. These arguments that parking is available, just not in front of where you’re going are stupid. No one wants to drive around and around looking for a space, and people are constantly double parked running in for pick up food, so where are those spaces?
9:44 not true, 15 million things wrong with it. Until inevitable cost overruns.
Sometimes doing something is better than doing nothing. If there are mistakes in a plan then you adjust.
9:44 Would you be against putting a deck on the lot across from the Post Office ?
to 9:44 AM – “Ridgewood Parking Permit provides ‘coinless’ convenience and can be used for unlimited parking at all lots. Annual permits are issued for a calendar year to residents at a cost of $750.” Don’t care about increased fares? This was made for you.
to 10:52AM – Once it is built, how do you “change” a concrete and steel building? IF a parking garage is going to be built, it should be planned very, very well – not ignoring complaints just to get “something”. Besides the downtown is thriving again, few vacancies.
9:44. Hi Albert. Nice to see you looked up from texting long enough to check in on the Blog.
I like your idea Bill H. Perhaps there could eventually be a second deck(if the first one you suggested works out), at the lot behind Sealfons. Distribute the parking and the traffic.
Interestingly, former Mayor Pat Mancuso advocated that a few garages of smaller size would work best. His theory was that people will willingly walk a mile for their morning exercise but are unwilling to walk more than a block to their intended shopping destination. Good point !!