-----Original Message-----
From: mel [SMTP:[EMAIL PROTECTED]]
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Subject: RE:[Mpls] Parking ramp editorial
Is the city's decision to build a $25 million parking ramp a wise one?
Just to service the debt on $25 million will require $176,694.80
a month with a 25 year loan at 7% interest.
For this kind of money it should have carpet, bath and kitchen.
This amounts to $35,714.29 cost for each of the 700 spaces.
Or $8.41 per day per space just to service the debt.
If used 30 days a month and assuming no vacancies, or no pays,
labor, insurance, legal fees, maintenance, replacement costs, etc.
It should be obvious that something is wrong.
Could it be the $35,714.29 cost per parking space???
Councilmember Dora Mead was quoted in the S.W. Journal.
"We are not only being the bank, we are also being
the insurance company, "said Mead. "The city of Minneapolis
ought to get out of the parking business."
The city plans to offer some monthly leases between $100 and
$120. IS ANYONE DOING THE MATH???
Mel Gregerson
South Mpls __________________________
Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy
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_______________________________________
Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy
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