Just to clarify this story
September 11, 2011 | 11:59 AM
Apparently, this story wasn't clear.
The city receives about $750,000 in parking revenues each year. This new system is expected to still receive that and then add about 25 to 30 percent to that total because people pay for more parking than they need and the next car that pulls in does not get the time left over on the meter. That increase is why the system is expected to "be paid for" in about 5 years.
The city will continue to receive the same parking funds as it has and that will continue to go into the general fund and parking fund. The additional parking funds that are expected will also go into the parking fund and general fund.
If approved by the council, the system will actually be paid for through already collected Tax Incremental Financing money and already collected parking fund money that was raised through previous years of parking revenues.
This system isn't meant to resolve the parking problems, just bring parking into the 21st century and rid the city of the old coin-operated parking meter heads. The new system will easily allow different rates in different areas of the downtown at different times and different days of the week.
I hope this helps clarify this issue.
Lisa the Editor