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Joseph T. Serge <br /> November 18, 1987 <br /> Page 2 <br /> As you are aware, the downtown area is being pressured daily to <br /> provide more parking to prospective business tenants. The situation <br /> is reaching the point where the City is being asked to make longer <br /> term parking commitments to either individuals or firms owning <br /> buildings or portions of them. For that reason, longer term parking <br /> rates have been proposed as follows, 3 year minimum contract per <br /> vehicle $38.00 per month, 5 year minimum contract per vehicle $42.00 <br /> per month. As well as providing rates that address longer term <br /> year-to-year parking, the ordinance also proposes that individuals <br /> making this type of a commitment to the City would be given priority <br /> for parking spaces in the individual garages. Hourly parking rates <br /> have been equalized in all the garages. <br /> Finally, in reviewing the financial condition of the garages, <br /> clearly additional funding and, therefore, an increase in parking <br /> rates is justified. The two existing municipal garages are currently <br /> running a deficit of approximately $150,000 annually when expenses <br /> and debt service are compared to revenue. <br /> While parking is becoming more in demand and clearly must be <br /> provided if the downtown area is to continue its growth, the City can <br /> not continue to subsidize it at the current rate. For these reasons, <br /> I am requesting your approval of the rate ordinance and, therefore, <br /> the new rates. <br /> If you have any questions, please feel free to contact Jon Hunt <br /> or myself concerning this matter. <br /> Sincerely, <br /> L.11.4,447. <br /> Michael L. Vance <br /> Director, Administration <br /> and Finance <br /> MLV/rds <br /> Enclosure <br />