Problems for a New Parking Structure
COLUMBIA - Parking meter funds may not be able to generate revenue for Columbia's general fund. The 10 level parking tower located at Fifth and Walnut streets may initially cost the fund more money. The city borrowed $13 million in 2009 to pay for the tower.
In 25 years, the debt will total $21.4 million with payments evening out to $1.1 million in 2022. With current parking rates and occupancy at 100 percent, the tower will get $762,684 a year.
Mayor Bob McDavid has proposed parking meter funds be added to the general fund, but the tower will initially put costs on the fund. The city does not want to discourage people from parking at meters or businesses buying permits with higher rates. The Special Business District Board will meet on Tuesday to discuss possibilities with meter revenue.