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Old 03-10-2013, 11:19 AM
 
Location: Cambridge, MA
4,730 posts, read 10,942,054 times
Reputation: 6455

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One of the realities Cincinnati has yet to wake up to is that city parking is insanely, INSANELY, cheap there. Here in Beantown it's far from unheard of to drop $20 for Red Sox game parking in an open off-street lot. You've kissed goodbye to ten bucks the instant your vehicle enters a garage at the airport. Downtown lots and "structures," as well as those in eastern Cambridge and other areas with high workplace concentrations, pitch $8/hour as if it's the deal of a lifetime. (And yes, nearly every city and town in eastern Massachusetts has its parking revenues, tickets, etc handled by one private contractor or another.) We also have the Mass. Turnpike and several bridges that have to have coins/bills kept at the ready for.
If this looming parking "nightmare" (which is far from that) compels a few hundred people to think the unthinkable - support and maybe even USE mass transit - then so much the better. Perhaps all of a sudden the streetcar isn't such a bad idea after all.
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Old 03-10-2013, 11:54 AM
 
1,295 posts, read 1,520,543 times
Reputation: 687
Quote:
Originally Posted by WILWRadio View Post
I'll take a bus and then walk when I need to go downtown. Don't be surprised if a rise in ridership on city buses heading into downtown is a result of higher parking fees at downtown meters.
Quote:
Originally Posted by goyguy View Post
If this looming parking "nightmare" (which is far from that) compels a few hundred people to think the unthinkable - support and maybe even USE mass transit - then so much the better. Perhaps all of a sudden the streetcar isn't such a bad idea after all.
If this is the primary result of the deal, it is pure genius, and I will repent to the city council gods for ever being skeptical.

Since the Banks garage and the Washington Park garage are both not included in the deal, it is entirely possible to keep garages on the periphery of downtown relatively cheap, helping to make downtown's many surface lots superfluous and ripe for development. How cool would it be if they included streetcar day-passes for anyone parking in one of these two garages which sit at the extreme ends of the downtown loop?
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Old 03-10-2013, 03:31 PM
 
864 posts, read 1,197,524 times
Reputation: 310
Quote:
Originally Posted by CuriouserGeorge View Post
And what would happen if the company goes bankrupt or revenues don't cover the expense of maintaining the operation?

I think the comment made earlier about this being seen as an easy fix to pay for pensions is the most correct. As stated, that problem will not go away and future city governments will have to devise some other way of addressing it.

At this point, I would not be inclined to give the operation to a private company as I don't think it's motive will be to give the city the best deal. It's motive will be to give itself the best deal.
That's why the city has the ability to cancel the agreement at any time if the company does not meet specified operating standards.

Besides, the company is a $22 billion company, so I think that's unlikely to happen.
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Old 03-10-2013, 03:37 PM
 
Location: Cincinnati(Silverton)
1,577 posts, read 2,304,412 times
Reputation: 651
I wish the city could by things for 92 million and make 300 million over time. That had a good thing going with the railroad. I wonder what made them stop buying assets and businesses?
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Old 03-11-2013, 09:17 AM
 
Location: Mason, OH
9,259 posts, read 13,371,704 times
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I just have a question concerning the upfront $92 million payment. I read one place it will be used to pay down the deficit on the City's pension fund. I read another place that $12 million of it will go toward the 30 story tower to place the Pogue's Garage. I read a 3rd place a portion of it will be used to purchase the ROW for the Wasson Way project.

I realize the lease agreement has not yet been concluded. But is there any official statement how the $92 will be utilized. If split up into too many pieces it seems to me it will not go very far.
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Old 03-11-2013, 12:21 PM
 
1,295 posts, read 1,520,543 times
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$20mil to MLK & I-71 interchange (asking state for another $40mil)
$4mil to Smale Riverfront Park
$12mil to the residential tower (complementing $82mil private investment)
$6.3mil to the city's reserve account
$25.8mil to 2014 budget
$20.9mil to 2015 budget

Not sure how much goes to Wasson Way, but all that adds up to $89mil. So I guess there's $3mil left over for Wasson.
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Old 03-11-2013, 12:27 PM
 
1,295 posts, read 1,520,543 times
Reputation: 687
Hopefully, three years from now there is a noticeably larger tax base, and there is a noticeably smaller city payroll (through attrition). Add in a new governor who restores local funds, and the budget for 2016 might not look so bad.

One can hope.
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Old 03-11-2013, 01:45 PM
 
Location: Mason, OH
9,259 posts, read 13,371,704 times
Reputation: 1920
Quote:
Originally Posted by natininja View Post
$20mil to MLK & I-71 interchange (asking state for another $40mil)
$4mil to Smale Riverfront Park
$12mil to the residential tower (complementing $82mil private investment)
$6.3mil to the city's reserve account
$25.8mil to 2014 budget
$20.9mil to 2015 budget

Not sure how much goes to Wasson Way, but all that adds up to $89mil. So I guess there's $3mil left over for Wasson.
The above appears the idea to reduce the pension fund shortfall went out the window somewhere. While it was never expected to solve the pension fund problem, I thought it would at least put a sizable dent in it. If it is going to do nothing for the pension fund then that anchor is still lurking out there, but the City has negotiated away part of its long term income to be able to address that or other expenses. Anybody else think this could be a little short-sighted?
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Old 03-11-2013, 01:48 PM
 
Location: Cincinnati
4,007 posts, read 4,831,178 times
Reputation: 924
Quote:
Originally Posted by kjbrill View Post
Anybody else think this could be a little short-sighted?
I do. But the development is worth it in terms of long term return for the city. I am not really that knowledgeable on the pension fund to be able to comment on what it will mean, but we all know politicians are as short sighted as the next election.
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Old 03-11-2013, 01:49 PM
 
1,295 posts, read 1,520,543 times
Reputation: 687
That is not true, because parking revenue is restricted by state law. It couldn't be used to pay for pensions. So, in reality, if the $3mil+ annual revenue prediction is correct, the city gained $3mil annually which could theoretically be added to the pension fund.
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