Parking deck debt service expected to be $500K a year

AUGUSTA,Ga (WJBF) It’s right there in the state’s plan for the Cyber Center a multi-level parking deck that the city will pay for.

Commissioners approved issuing bonds even though all the financing fine points are still not in place.

“Right now we’re projecting a 522 space deck as their construction folks finalize those estimates that could change a little bit there’s still a lot of moving pieces in this,” says City Administrator Janice Allen Jackson.

The commission has already moved approving issuing 12 million dollar in bonds, now the city will have to find the money to service that debt with the Administrator saying that will be about a half a million dollars a year.

“We’ve got revenue from the parking deck and we have some existing sources  already in our General fund so we can piece those things together and be able to afford that half a million dollar payment,” said Jackson.

And commissioners say afford it without increasing taxes.

“No there’s not going to be a property tax increase there’s no way we’re almost to the cap as it is,” says Commissioner Sean Frantom.

:The administrator says the deck it’s self will generate some of the money to pay off the debt.

“We will able to charge yes we know for sure in the early years we will own the deck,” says Jackson.

“The city is going to own the deck and charge for parking?

“I don’t think we’re going to own the deck do I think as a revenue source we’re going to bring in parking absolutely,” said Commissioner Frantom.

“The people who park there will pay?’

“Yes I think it’s definitely a revenue source,” said Frantom.

Before voting to issue the bonds commissioners discussed the issue in closed door legal session, Jackson says she did not make that call.

“The General Council makes the determination on what qualifies for legal,” said Jackson.

The Law Department says the issue was discussed behind closed doors because it involved quote real-estate,

Jackson says she will be getting back to the commission more detailed plans on how the city will service the parking deck debt.

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