12/02/1987 Meeting - Laserfiche WebLink

Home Browse Search

Overpark, and the debt service for the Parcade was covered by the tax increment (or Tax Allocation) district. e Mr. Byrne said the City currently leased spaces in parking structures for $20 to $40 per month, which was directly related to the cost of providing service. He added that if debt service were included, those costs probably would increase to about $75 per month per space, which the market would not bear. Mr. Byrne explained that spaces in the Overpark were cheaper than those in the Parcade because of facility size and the lack of debt service. Mr. Byrne said the monthly market rate was a different fee than the cost of providing services, but on average they were similar amounts. Responding to Mr. Bennett's questions, Mr. Byrne said a monthly fee of $10 to $12 per space was charged for surface lot parking. He said the fees varied from lot to lot, and the City attempted to price spaces based on the private- sector costs of surrounding lots. Mr. Bennett asked whether the fees were based on the market or on the cost of services, and he asked how management of the properties would compare if they were privately owned. Mr. Byrne sa i d surface parking probably could attract higher rates on the private market, assuming a market existed. He said some surface lots gradually had been returned to the private market, but the City had attempted to avoid flooding the market with supply. He said the Downtown Commission last year had begun offering permits for one-quarter block of parking at a monthly rate of $18 per space. Mr. Byrne said about half of that lot had been sold, and other lots could be returned to the market in the future. He said public fees were based on market rates, and fees charged to the Downtown Development District were based on the cost of providing space in each facility, with average rates e being similar. Mr. Byrne showed the connection and overlap between the Eugene Performing Arts Center (EPAC) garage and the General Fund, noting that the debt service for the garage was paid entirely out of the General Fund. Ms. Schue asked how close the facility's income came to covering costs and debt service. Mr. Byrne said the income covered costs and provided a replacement reserve but did not come close to covering the debt service. Mayor Obie asked whether that was the program's original design. Mr. Byrne said he believed it was not the original design. Mr. Byrne said the renewal expansion project included plans for the EPAC garage to support other development in the surrounding area on a fee basis as new development took place. He said the site had been acquired through the Urban Renewal program, and the renewal agency should consider that facility an asset for future private development within the renewal district. Mr. Byrne showed the overlap and relationships between the Tax Allocation Fund and the funds for the Eugene Community Conference Center and its parking garage. He said the debt services for both funds were part of the urban renewal project, and the Tax Allocation Fund paid the entire debt service. Mr. Byrne said the garage served the conference center and the Hilton hotel, with fees charged for special events or monthly permits. He said contract sta ffi ng of the garage booth had been discontinued because expenses had e MINUTES--Eugene City Council December 2, 1987 Page 3