Borough council OKS new parking deck
,W DSSHDUV APbOHU wLOO finDOOy bH getting some new parking spaces, and it won’t cost taxpayers an exWUD SHnny.
DuULng LWV 2FW. 16 PHHWLng, APbler Borough Council voted to secure architectural design plans to construct a parking deck at the LLnGHnwROG 3DUkLng LRW.
Council members Tom Kenney, Pat Strus and Fran Tomlinson said they met with representatives from Montgomery County and worked out a plan for the borough to pay for a new parking deck without increasing taxes or putting the borough in tremendous debt it FRuOGn’W UHSDy.
In order to pay for the new lot, Kenney listed all of the variables that would be involved to get the project off the ground, starting wLWK WKH HxSDnVLRn RI APbOHU SDvings Bank, located next to the LinGHnwROG 3DUkLng LRW.
AFFRUGLng WR KHnnHy, WKH nHw bDnk buLOGLng wLOO FRVW $7 PLOOLRn. TKH bDnk FuUUHnWOy SDyV $5,000 Ln borough taxes, which would go up $30,000 wLWK WKH DVVHVVPHnW RI WKH nHw buLOGLng.
AGGLWLRnDOOy, WKHUH DUH FuUUHnWOy 100 reserved spaces rented at the CDvDOLHU 3DUkLng LRW IRU 83 FHnWV SHU GDy. TKHVH VSDFHV wLOO bH UHlocated to the Lindenwold lot and the fee for daily parking will be inFUHDVHG WR $2 SHU GDy.
Kenney said those were the two DUHDV RI LnFRPH IRU WKH bRURugK. The additional tax generated by the bDnk buLOGLng HTuDWHV WR $30,000 D yHDU RU $2,500 SHU PRnWK. TKH relocation of the parking spaces will increase income an additionDO $40,000 D yHDU, RU $3,300 SHU PRnWK.
,n WRWDO, Dn DGGLWLRnDO $5,800 SHU month income will be generated to the borough to service the debt inFuUUHG by buLOGLng D SDUkLng GHFk.
“What we’re trying to do is budget the amount of the debt, just like you would do with a home budget, and that’s what we’re doing here,” Kenney saidK
Kenney said the borough will take a 30-year note mortgage for potentially A2K5 million at a 3 percent rate, which equates to a A10,540 mortgage payment per monthK After subtracting the additional income from the bank and reserved spaces, the net is A4,T40 per month that is needed for debt serviceK
The last component of income comes from additional parking spotsK
Kenney said the borough will have a total of 200 parking spaces in the new lotK Of those, 100 will be occupied by the ones reserved from the Cavalier lotK There will also be 30 spots occupied by bank employees, leaving an additional T0 open public spotsK Taking these spots and using the 50 cents per hour current rate the borough requires for parking, Kenney said the borough will need an additional A2K50 per spot per day, which equates to fivH KRuUs SHU GDy WR EULnJ in an additional A5,250 per monthK
He said with these three estimated income streams, the debt service for the original A10,540 per month loan can be coveredK
He also said a lot of assumptions were being made DnG WKH WRWDO fiJuUHs wHUHn’W in as of yetK For example, the A2K5 million mortgage could be A2K2 million, but added the borough was tak- ing “worst case scenariosK”
“To make a long story short, it made something that seemed totally unfeasible somewhat acceptable,” Kenney saidK
Borough Manager Mary Aversa said the parking fee collection hours would be extended in that lot until 8 pKmK instead of the current S pKmK rule to make sure the borough gets the A2K50 per day it needs per spotK The free period from noon to 2 pKmK would still be in effectK
Kenney said the A2K5 million was not the total cost of the project and was a high numberK
Aversa added that the borough currently has A200,000 in grant money available and “we’re working on moreK” She said by next year the borough could have close to A400,000K
“The numbers seem to PDNH sRPHwKDW RI D financial possibility for a very valuable project that is needed in the borough,” Kenney saidK “That’s the koK 1 complaint I hear is there’s no parkingK It would certainly help draw additional business in, it would certainly help benHfiW WKH EusLnHssHs WKDW are surviving now and it would put a little spin on the borough that we have a brand new parking lotK”
Aversa said once the EDnN Ls finLsKHG LWs HxSDnsion next year, she expects to receive bids and have a construction company lined up by next August or September and, depending on the weather, start constructionK She said she expected the project to take less than a yearK