Readers say at the end of the Taxpayers will be on the hook for the garage while business,developers and NJT will all benefit from it
My questions:
1. What happens if parking revenues fall short of expectations?
2. What is the proposed parking fee structure for the new garage?
These are very important questions and I will explain why. For the first one, the answer is pretty obvious. The Village taxpayers will be on the hook for it as the construction bond cannot be reneged on just because you hoped there would be enough revenue. The second one will absolutely dictate the success or failure of the entire project. Any fee structure that is more than street parking will completely disincentivize most people from using the garage. They will circle the blocks until a street space frees up, or they will go somewhere else to eat/shop. As I’ve stated before, this garage will represent the parking location of absolute last resort, and I predict it will be viewed in years to come as one of those “what were they thinking” buildings.
Its called a shell game. money from the parking revenue is now used to support the town budget. money from the new garage if a surplus will be used to pay the loan off on the new garage. If revenue from the new garage isn’t adequate the town (I mean taxpayers) will have to make up the shortfall.
Or should the Village tax the CBD landlords for the garage or local businesses, their the ones that are going to profit from it.
It’s the same as taxpayers paying for a football stadium, that houses teams from new York, and is obsolete before the bond is paid.
Use the parking garage for commuter parking only and open all other lots for the general public. By having the garage for commuters only then you have a fairly consistent revenue stream.