As predicted, the proposed amended contract on the City’s website for Fayetteville’s downtown parking deck was wrong. It mixed everything up.
Fortunately, we got some clarity at tonight’s meeting.
Unfortunately, the amendment is much worse for the public than the original deal. Aside from the cost increase of $1.5 million more tax dollars, the public is now squeezed out of the deck completely:
So now PCH is taking 460 spaces and the public will get to use a total of 32 spaces for the next 15 years.
PCH pays $1.66/day per space while the rest of Fayetteville is paying at least $5.00/day to park downtown.
In exchange for 1,500,000 million more tax dollars (above the original contract price) PCH has agreed to pay $41,965 more in annual taxes. Under these terms, it will take over 35 years for Fayetteville to recoup its money.
Tonight, I heard one City Council woman say that building a public deck for a private company was a “ludicrous idea.” She then voted to pay $1.5 million more to build a public deck for a private company. How else can you describe 460 out of 492 spaces at below-market rates???
So what do you think? Does it look like your tax dollars are being used for a public purpose? It’s a fairly important question if you’re concerned about the law and what not:
§ 160A-458.3. Downtown development projects.
(a) In this section, “downtown development project” means a capital project in the city’s central business district, as that district is defined by the city council, comprising one or more buildings and including both public and private facilities. By way of illustration but not limitation, such a project might include a single building comprising a publicly owned parking structure and publicly owned convention center and a privately owned hotel or office building.
(b) If the city council finds that it is likely to have a significant effect on the revitalization of the central business district, the city may acquire, construct, own, and operate or participate in the acquisition, construction, ownership, and operation of a downtown development project or of specific facilities within such a project. The city may enter into binding contracts with one or more private developers with respect to acquiring, constructing, owning, or operating such a project. Such a contract may, among other provisions, specify the following:
(1) The property interests of both the city and the developer or developers in the project, provided that the property interests of the city shall be limited to facilities for a public purpose;