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.
This makes about as much sense as half tearing down and reassembling the new South Park transfer station at a cost of $2.6 million, because it’ll “save $1.6 million in maintenance costs” over the life of the structure.
@ 1 AF
Step on a dollar to pick up a nickel. I’ve had bosses like that. The guys that call around 20 or so gas stations to find the cheapest price so we could fill up the big truck. Big old F-600 Ford from the late 1970s that got about 4 miles to the gallon. So if he found a price that he liked, even if it was in White Center or Kent, he’d send me down there to fill the damn thing up.
@1
Actually, the cost to add the paint was roughly the same as the savings. The cost was split between the contractor and the city. So the city spent no additional money. This change not only cuts future maintenance costs, but allows the station to stay open when the facility would have to shut down for repainting every five years.