Appropriating $175,000.00 Federal Assistance Grant Operations of the Parking Garage Systems

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Peter H. Mullen Director, Administration and Finance CITY of SOUTH BEND PETER J. NEMETH, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 May 3, 1978 Common Council Members County -City Building South. Bend, Indiana 46601 Dear Council Members: 219/284 -9742 There will be presented for your consideration for first reading on May 8, 1978, an Ordinance appropriating $175,000 from the General Revenue Sharing Trust Fund. These monies will be used in guaranteeing parking revenues during the change -over period from metered to non - metered parking in the downtown area. It is our belief that there will be a period of uncertainty as to parking system revenue levels at the point parking meters are removed. We are uncertain as to the actual level of revenues which will be obtained after the removal of meters from the downtown area. We also feel that, during the three to four month period immediately after removal, there could be an adverse effect on the parking garage revenues. We have not yet arrived at a final estimate as to the extent of this problem, but we feel that a cushion of about $100,000 is necessary to meet obligations until plans for new parking enforcement can be finalized. In addition to the $100,000, the city is also required to make an advance cash disbursement of about $430,000 at the time of the sale of the bonds to pay bond printing and sale costs. The city presently has $358,614 in the Parking Garage Sinking Fund for this purpose, but an additional $75,000 is required. If, after the parking meters are removed, the expected change in revenue does not occur, those monies appropriated will not be spent.