Thursday, March 28, 2019
KANSAS CITY TAXPAYERS SUBSIDIZE CORPORATE PARKING COSTING MILLIONS!!!
Kansas City politicos often lament the surface parking lots that once dominated Downtown and now point to so many shiny new buildings and a few tourist traps as signs of progress.
Sadly . . .
PRICEY PARKING GARAGES NOW DOMINATE DOWNTOWN AND COST TAXPAYERS MILLIONS!!!
At least the old lots were paying cash into KCMO coffers. Nowadays, local biz demands City Hall pay for their parking.
Fox4: Audit shows a dozen KC parking garages’ debt cost taxpayers millions each year
The Kansas City, Missouri, Auditor's Office conducted an audit on public money used for parking structures to determine if the way money is spent matches up with the city's transportation policies.
It didn't, according to the audit. You can read the full report here.
"City agreements to own or support parking garages have significant lasting budgetary impacts through debt service payments and commitments to parking garage maintenance that constrain the city's budget, reducing the city's ability to address other priorities and needs," according to the audit.
The audit contains a list of all the publicly assisted parking structures in greater downtown built from 2000-2018. There are almost 50 of them. A dozen of them have city-backed debt.
"Based on the contract, we have to make those payments for some of those where the garage debt service was $140 million," said Doug Jones, Kansas City Auditor. "If the revenues don't come in as anticipated, the general fund would make up for those differences."
Developing . . .