More wise decisions from COMIDA
The Channel 13 blog has a piece aptly titled “Why did they build this garage?” about the St. Joseph’s parking garage (behind the Sibley Center). It’s an all-too-familiar story:
According to legislation submitted to City Council this week, the garage has fallen on hard times. The owner, Community Development Initiatives, Inc., is in default on loans and taxes and hasn’t been able to generate sufficient revenues.
The garage is less than a decade old.
The $10 million facility opened in 2000, with help from tax exempt bonds floated by COMIDA. It has 1,000 parking spaces. The city bought 376 spaces for public use for $3.625 million.
Great find.
More short term thinking.
So do the math - that is about $10,000 per space.
Sister Cites Garage is $75 per month or $900 per year so 10 years from now the cost of parking is $9000. If the city paid $10000 per space - it takes over 10 years to recover the parking that the city purchased.
Looks like the city has 2 years to go to recover funds assuming a 100% utilization rate.
You folks at RT are really on the case! I certainly appreciate all the work you have done shining the bright lights on COMIDA.
I wonder if you have ever thought of compiling all that you have learned into a white paper on COMIDA, and sending that to every Monroe County Legislator, town supervisors and mayors, and key members of the press. This information, suitably condensed, should be seen by a wide audience.
I have to agree with dj on this, it would be a good thing to see about a month before the elections. It might open up some eyes as to whats going on in this town.
You might want to expand your investigation to include Carestream Health. ( the old Kodak X-ray Division sold to the Canadians). They got some serious tax breaks to create 500 new jobs in Rochester but have downsized about 30 people 2 weeks ago and about another 30 got the axe today with more on the way. They stay below the 50 or 60 at one shot to avoid having to make an announcment to the news media.
That’s funny in today’s announcement that Caretream failed to mention the nearly 30 people the laid off 2 weeks ago when the moved the order entry operation to Mexico.
Must have slipped their mind what with having to decide where to put of the new sign (paid for by the taxpayers) at Corporate headquaters on Verona Street.