Recently there was an article in the paper with the suggestion of building a new parking garage near Scribner Place with an estimated cost of $8 million dollars.
A statement was made that a new parking garage could be paid for with the PROFITS from the State Street Parking Garage.
What profit?
We think it is necessary that the council be informed about the financing and bonds for the State Street Parking Garage.
The Garage Bonds were to be paid off with TIF collections from the Downtown TIF Area.
If downtown TIF collections were not sufficient for those bond payments, then, bond payments were to be paid from EDIT Funds. In the agreement, the EDIT Funds used were to be paid back to EDIT Fund by Downtown TIF money.
At this time the State Street Parking Garage still owes the EDIT Fund $3,613,698.46 for Bond payments made out of EDIT because Downtown TIF did not produce sufficient money to make the Garage Bond payments.
Redevelopment Director Malysz stated that by the time the garage is paid off, we will pay about $3,696,350 of EDIT into the parking garage.
Director Carl Malysz stated that once the bonds are paid off, then TIF funds can be collected to refund the city the EDIT contributed.
Councilman Zurschmiede suggested recently that, we funnel the PROFITS from the State Street Garage towards construction of a New Parking Garage.
Freedom Of Speech would like to say:
Why didn't Deputy Mayor Malysz or John Rosenbarger be honest with Councilman Zurschmiede and tell him the truth, that the city has to pay "operating expense on the State Street Garage?"
It's called robbing Peter to pay Paul!
