I've never understood why corny deals like this have been put together but most only focus on what the Skyway isn't bringing in. Also, what's wrong with the city owning and operating the garages?
QuoteBy Steve Patterson
Jacksonville has loaned $16 million in five years to subsidize a parking company it picked to own and run three downtown garages.
Now, the city could spend $50 million buying its way out of the deal.
That would leave City Hall owning and operating garages it never wanted and hoping that spending big money up front can cut taxpayers' losses - eventually.
"We have a tough choice ahead of us," City Councilman Greg Anderson said as members weighed their options. "... Are we supposed to be in the parking garage business or not?"
Either choice would cost the city millions next year.
"In the current deal we've got, the city is going to have to keep providing loans to the developer to the tune of $4 million a year," Kyle Billy, a principal auditor for the City Council, told council Finance Committee members this month.
Taking the other route, he said, "the city walks away with the garages ... and having to spend millions of dollars a year and actually taking a loss operating them. But not as big a loss as in the current contract."
Although council auditors have suggested a buyout before, Mayor Alvin Brown's financial team won't cast its verdict until after Tuesday's council vote on the 2012 budget.
The issue can hold a while - but the price won't.
"It looks like you'd spend an extra $4 million if you don't buy them out by Dec. 31," Billy warned.
Full article: http://jacksonville.com/news/metro/2011-09-25/story/city-paying-millions-keep-jacksonville-garages-afloat
Could these garages be closed down and stop the waist?..since the need for parking downtown is now high due to the amount of empty space down there..are they needed?...break the contract?...was there a study done at the time of the signing of the contacts?...who deciced it was good idea with the amount of empty buildings downtown? how is the bleeding stopped...lol..i know..we'll move one of them to the landing and that'll shut him up?...hook it up to some trucks and drag it to the river?...
If the city has a financial incentive of that magnitude with these garages, we have no hope of getting parking policies revised.
Quotewe'll move one of them to the landing and that'll shut him up?
you've summed up our city policies for the last 40 years that have led to downtown's current state... sticking it to someone, while others get sweet deals.
don't you think it's time for that mentality to stop?
Quote: "With the current deal we got..."
Jusr curious, who negotiated the "current deal" and what developer is making the $$$?
Quote from: stephendare on September 25, 2011, 11:29:10 AM
Quote from: MusicMan on September 25, 2011, 11:25:41 AM
Quote: "With the current deal we got..."
Jusr curious, who negotiated the "current deal" and what developer is making the $$$?
Michael Munz, Mark Rimmer and Carlton Jones from Metropolitan Parking Solutions
Why is that no surprise! Charter members of the slimeball brigade. Bet Rick Mullaney put the deal together. Sounds like his kind of contract and those other guys are all buddies of his.
Mmm....I don't get it...the article says loans $4 million a year...and concludes by saying spending $4 million a year. Big difference...except from a shorter-term cash flow perspective.
As I recall councilman Warren Alvarez Dist.11 was the lone councilmember who voted against this legislation years ago. So where are we today. Another 4 year cycle, New administration, new city council and lets just start over and suck it up with a taxpayer bailout and buyout and give somebody a nice payday. Legislation will soon be created especially as the new Downtown Authority is created. One of the original goals was control and collection of all the parking revenue.
In two days council will vote on 2011-560 Shipyards/Landmar. I'd love (no pun intended) to see one councilmember that would attach an amendment for $100,000 that could be used as a FIND matching grant for a city council didstrict. And I believe Jim Love Dist 14 or Lori Boyer Dist.5 could be future district heros. Denise Lee may end up offering an amendment. Somebody have the guts to do it.
The accelerated disposition of 2011-560 is so the new Downtown Authority can have total control over the revenue with the expanded Entertainment District. All of Shipyards/Landmar.
Remember we are now called Parks, Recreation, Entertainment and in 2005 included Conservation.
Palms Fish Camp? Thats next. Who deserves the promotion or to be fired. So how much will that taxpayer bailout be?
Garages.....An 8% guaranteed return. Remember the Uss Adams 2010-675 one finance amendment. How will these new financed projects be financed when nobody has any skin in the game. Taxpayers!