Bor­ough coun­cil OKS new park­ing deck

The Ambler Gazette - - FRONT PAGE - By Eric Devlin

,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

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