Future parking revenues?
As in the cases I mentioned yesterday, some munis are selling
(leasing) the rights to future parking revenues. Looks like the going
rate is about 25,000 per spot for a 75 year period. Additional kickers
are bumps for a share of overtime fines. So if AP had 1200 spaces
along the ocean, that would amount to about $37 millon paid upfront....
The parking spaces on the street are an asset.
When the esperana was being sold, they were "giving" one spot.
Additional spot was I think about $30k. I think dan came up with an
appraisers method of justifying that cost.
So how about it - should the city look into leasing the rights to
parking in the city?
Oceanfront spots higher then downtown and main (if it all)..
Be nice not to see employees and owners of the businesses not taking
up the ocean ave spots..
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