Update on Parking Ramp Construction
Mayor Paul TenHaken released a video update today on the current status and future prospects of the downtown parking ramp building project.
The video is available here.
Advanced and approved by a previous administration and Council, the ramp project has been a focus of the TenHaken administration since taking office in 2018 to ensure the project is successful and adds value for the public.
“The City has a responsibility to follow through on its commitment to open the new parking ramp in a timely manner,” said Mayor TenHaken. “There is parking demand for nearby tenants downtown, and we want to meet those needs with a safe property. Protecting our current investment in the parking ramp in order to see the asset functional and producing revenue and to maximize the future opportunity for private investment is a priority.”
No taxpayer dollars are invested in the construction of this project. The City’s cash contributions and repayment of the bonds for the parking ramp are from the Parking Enterprise Fund, with revenues generated from customers utilizing the City’s parking system.
The administration recently asked the City Council to amend the construction budget to include an additional $1.5 million from the Parking Enterprise Fund so that the ramp can function as a stand-alone parking ramp until a private development can be completed. On Tuesday, the Council will consider approving the administration’s request to complete the ramp so that it can meet public parking demands and generate revenue necessary to satisfy bond payments.