February 27,2018
the staff of the Ridgewood blog
Ridgewood NJ, walker report 2015-It is typical in downtowns that the revenue stream in a given garage is not sufficient to cover its operating costs and debt service. Downtown parking systems are just that – systems – that rely on pooled revenue from all resources, and especially the on-street meters (which tend to have the highest turnover), to cover the higher cost associated with building and operating a garage. This is the case in Ridgewood, where the net new revenue projected for the garage is not projected to offset its expenses. Therefore, our revenue projection includes all bottom of page 1
Full report from 2015
https://mods.ridgewoodnj.net/pdf/manager/2015walkerFinal.pdf
And when you dig in, it gets worse. In 2017, the village hiked annual parking pass rates 25%. That money went right into the general fund for the village. The village has already accounted for and already spends that new $ and every other dime of parking fees it collects and still taxes rise. So if the current intake of taxpayer dollars and parking fees can’t support the village expenses, how would the additional $1.4 million dollars/year in garage expenses for the next 30 years get paid when the next round of proposed parking rake hikes only adds up to $325k a year?
Page 29: (2019)
New Revenue $273,312
New Garage Expenses $291,041
Operating Deficit for Garage $-17,729
Debt Service $726,000
Total garage Deficit $-743,729 (per year)
Every day this town creeps closer and closer to becoming “a shithole”…
If this Council has any guts and are truly representing residents, they’d fix the lots we have, build smaller decks on opposite ends of the CBD and redistribute long term parking (commuter/employees) away from the CBD hub. Afterall, it’s what everyone agreed to before high density housing appeared and needed extra parking.
10:55 they might also admit plenty of spots are being taken by owners and employees.
10.55 you’re stating the obvious but is also very obvious that this VC is after huge things not some measly ugly looking parking lots or unpaved streets. It is a pity because I like 3 out of the 5 members but they’re either not very bright or under tremendous pressure. I wouldn’t be surprised if disappointed residents such as myself don’t even show up to vote next time around and handing an advantage to the crooks of the past. A pity. This town really is sliding into a sh!thole status.
This VC was supposed to not owe anyone anything. Since they are going to build this garage no matter what the Village now wants, and since they are determined to sink a fortune in that junky old Schedler house that’s only claim to fame is that a battle was fought in the general area–they must owe someone or else they just think it is fun to spend money belonging to other people.
As 1:09 stated They must be “under tremendous pressure” or they wouldn’t be acting in such a rush to complete every idea that anyone has ever had to spend the taxpayers’ money.
screw the idea that the MEGA garage is our destiny
Pave the streets of Beirut..i mean RIDGEWOOD NJ top 10 worse roads in Bergen county..Destroys our CARS and mechanical
components of our vehicles..Franklin,Fairway N.Pleasant,Ridgewood Ave are all outrageously dangerous.NO GARAGE Read our Lips