City cuts rate in hopes of filling Best Western deck

The Best Western parking deck. (Mike Perlman photo)

The Best Western parking deck. (Mike Perlman photo)
Bargain hunters looking for parking downtown will soon have a new option.
Evanston's Transportation and Parking Committee voted Wednesday night to cut the monthly parking permit rate at the parking deck just north of the Best Western hotel on Sherman Avenue from $80 to $50.
Parking Manager Rickey Voss said only about half the permit spaces in the lot are now used and it's not meeting the city's revenue goals.
Voss said that with demand from workers at nearby businesses looking for inexpensive parking he believes he can fill most of the empty spaces immediately with the rate cut.
Committee member Dave Reynolds said that years ago the parking deck there was fairly full. But Voss said a lot of businesses that used to be on the same block as the deck have moved further north in the downtown area, reducing the demand.
Alderman Melissa Wynne, 3rd Ward, said that compared to the Sherman Plaza or Maple Avenue garages "this space is not nearly as attractive or as easy to maneuver through."
She said those differences seemed to help justify the lower rate. "It's not as light and airy as our newer garages."
Alderman Coleen Burrus, 9th Ward, suggested that with the rate cut some commuters who now park at Sherman Plaza and take the CTA to downtown Chicago from the Davis Street station might switch to using the Dempster Street CTA stop, a short walk from the Best Western deck.
Voss said that while the spaces in the deck are only signed to be available for permit parking from 8 a.m. to 5 p.m., and switch to metered parking after that to accommodate customers at nearby restaurants, he's instructed the parking enforcement staff to not ticket permit holders who end up being late getting back to their cars.

Comments

Parking fund in the RED- how to pay for parking at Trader Joes?

Parking rate cut - interesting.  Parking fund in the red last year by 2.4 million dollars.  2 million dollars for Trader Joes parking lot?   Wheres the money?   The money is coming from the water bills of all of us who use the city water, makes me want to dig a well. ( no doubt safer to drink )

The parking fund has $15 million surplus

The city lost $2.5 million last year, but the actual fund has a surplus of something in the neighborhood of $15 million.

Parking fund surplus - really?

If the parking fund is so flush with money why did the city council and Wally raise the rate to park on all the meters in town?  One would think if things were so good , why discourage people to park.
Things don't appear so good here we are dropping the rates!  Also why did they lose $2.5 million in one year and why does it show a transfer of 4 million out of the sewer fund?
Also with all the debt they hold on the parking structures, why aren't they paying it off?
Too many answered questions - there is always money here for Wallys, the mayor and council pet projects but no money if its not someone pet project.

Finance knowledge

Ponzi asks:
If the parking fund is so flush with money why did the city council and Wally raise the rate to park on all the meters in town?  One would think if things were so good , why discourage people to park.
     Ponzi, you apparently do not understand how to set rates.  The goal is to maximize revenue.  So if parking spaces are full in downtown Evanston, that means we could make more money by raising rates...even if we already are making a profit.   [  I understand that we don't want to discourage people from shopping by making parking too expensive - but that is not the point Ponzi was arguing ].    Even if we are making money, we could possibly make more money by increasing rates.
Things don't appear so good here we are dropping the rates!  Also why did they lose $2.5 million in one year and why does it show a transfer of 4 million out of the sewer fund?
See my answer above.   You seem to be repeating yourself.  Why do you keep asking the same questions over and over again?  Enquiring minds want to know.
Also with all the debt they hold on the parking structures, why aren't they paying it off?
Why would the City pay its debts off early, if it doesn't have to?  If the debt is at a good rate, then there is no need to pay it off early.   If the interest rate is too high, then we should try to refinance or pay it off early.   Your question indicates a basic lack of understanding of municipal finance.
Too many answered questions - there is always money here for Wallys, the mayor and council pet projects but no money if its not someone pet project.
More like  too many unanswerable questions, and your last sentence suggests that you are upset because your pet projects aren't getting the proper respect that they deserve.