Lorne Street parkade price tag set at $10 million
Months after a proposed parkade for Riverside Park was first discussed by city council, specific details of the plan are being made public.
A city report which will be discussed by council at its upcoming regular meeting on April 12 notes the three-level, 493-stall parkade on Lorne Street would cost $10 million -- roughly $20,300 per parking stall.
The annual cost with a 30-year amortization period for payment has been pegged at $780,000, including a $100,000 annual operating cost.
The study estimates the parkade would generate $485,000 a year in revenue. It also suggests council increase downtown parking-meter fees by 25 cents per hour to make up for the $295,000 shortfall.
The report noted the figure is much lower than the estimated $34,600 cost per stall to buy land and build a structure similar to the 201-stall Seymour Street parkade.
The report recommends council move forward with the public consultation portion of the project, including information booths at Aberdeen Mall on April 16 and Northills Mall on April 17.
Depending on council's decision on Tuesday, a public forum, with council present, could take place at the Interior Savings Centre's Parkside Lounge on the evening of April 18.
The city will also post the report on its website and include a questionnaire for residents to complete.
The results of public consultation could go to council for a vote on the project May 3.