Parking Garage Deficit Expected ; Revenue Won't Support Costs.
Columbia Daily Tribune › November 08, 2010
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Summary
Without dramatic rate increases, the 10-deck parking tower downtown will never generate enough revenue to repay the bonds that financed it, potentially dashing Columbia Mayor Bob McDavid's hopes for putting parking meter revenue into the city general fund.
The city borrowed $13 million in 2009 to finance the tower, which will have 703 parking spaces. Over 25 years, payments to retire that debt will total $21.4 million. Under a deal that resembles a balloon mortgage, low interest-only payments expand in 2017 to include principal payments and plateau at $1.1 million beginning in 2022.See the full content of this document
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Parking Garage Deficit Expected ; Revenue Won't Support Costs.
The debt will be paid in full in 2034.
Under current rates, the city will collect $762,684 annually if the garage sells all of its permit spots and fills all the metered spots every hour o...See the full content of this document
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