Well now a thing that never should have happened probably won’t keep costing us all money too far into the future.
Seattle Mayor Mike McGinn says the garage has been a drain on the general fund, with a projected loss of more than $4 million in 2012 and 2013. The city financed the construction of the garage with $73 million in bonds in 1998, to help jump start the shopping complex in downtown. City provided statistics show the gamble paid for several years, until the economy turned south and increased competition from shopping complexes which offer free parking. Debt payments are now bigger than revenue, despite a cut in parking rates.
Thank goodness. I don’t have an ethical problem with the city owning a garage per se. I mean providing parking is a reasonable thing for the city to do. But a bad investment is a bad investment, and that’s what the garage has always been.
Also, I like how revenue is less despite the fact that they cut rates is shocking. What a surprise, King 5.