DEIS: Parking concerns; Financial impact of proposed parking

FINANCIAL IMPACTS OF PROPOSED PARKING

Draft EIS states:

The proposed garages, along with existing parking facilities in the area, are anticipated to be leased to private operators.

Based on preliminary estimates, construction investments for the proposed parking garages would amount to approximately $234.8 million (2006 dollars). Similar to the park construction cost estimate, this figure includes site preparation and hard costs (actual construction), as well as design, legal, and other soft costs. It reflects the cost of physical improvements to the sites, and therefore excludes other values (such as the value of the land) not directly a part of the expenditures for construction. The total cost—including the value of the land—would be more.

As shown in Table 3-10, the operation of the proposed parking garages would generate approximately $0.27 million in additional tax revenues for the City, $0.25 million for the State, and $0.02 for the MTA in 2009, for a total annual fiscal impact of $0.53 million.

Similarly, the additional parking spaces proposed for the proposed stadium would not substantially affect the study area’s economic conditions, as that additional parking would be used as accessory parking reserved for stadium patrons only.

Response:

The financial analyses presented in the DEIS does not make it clear who is paying to construct the garages and who is receiving the revenue. From the way it is written, it appears that the City is paying to construct the garages, but someone else will keep the parking revenue. This explains why the City’s “benefit” is only $270,000 is parking tax revenue. This needs to be made clear for everyone so people know who is paying and who is making the money.

If the City is involved with paying for these garages in any way, then it is only right that the facilities be kept open year round – and that any member of the public be able to use them to park a car. The taxes of NYC residents should not be spent to subsidize parking intended only for out-of-towners who drive into our neighborhoods and diminish our quality of life as a result.