MONROE - Citizens are asking the city for more information on the options it is considering for the future of the downtown parking ramp.
But right now, even Finance and Taxation Committee members are waiting to see what those options might be and what financing would best meet the option they choose.
Several downtown business and property owners gathered Monday at City Hall to hear the committee's discussion on the parking ramp.
The downtown parking ramp needs $1.4 million for repairs within the next year, more than $1.3 million of that to correct structural problems, according to a city-authorized evaluation by Arnold & O'Sheridan, Inc., a Madison engineering consulting firm. Additional repairs needed within the next five years would cost another $145,000.
The report also stated, "Based on the poor condition of the structure and being underutilized, it may be more cost effective to raze the structure and have a surface parking lot."
Mayor Bill Ross has recommended replacing the present ramp with a two-level structure. It would provide 140 parking spaces, but be designed to accommodate more levels in the future.
"We've deferred maintenance (on the current ramp) for so long, it's just a sinkhole," Ross said.
Pam Christopher, executive director of the Monroe Chamber of Commerce, said its members want the city "to keep no less than the number of parking spaces as it has currently." The parking ramp has about 200 parking spaces.
What to do about the parking ramp should not be based on how it is being under-utilized now, she said, when people are not using the ramp because of other aspects, such as its safety and cleanliness.
The parking ramp improvement is wrapped up in the project plans of Tax Increment District No. 7, which until this year has not been sustaining is debts, after a $4.2 million streetscape project that included utility replacements in 2009. When the TID can't meet its own debt obligations, the city is responsible for meeting the shortfall. Last year the city paid about $200,000 to cover the debt payment.
This year, TID 7 tax revenues still fell short of debt obligations by $174,000, though its equity value rose about $900,000. But if the city moves the 2009 downtown debt expense for the water, sewer and storm water back onto the utilities' accounts, the shortfall is estimated to be about $94,000, according to City Comptroller Bridget Schuchart. Those estimates are based on the TID equity value and current property tax rates.
The city may also be able to move some or all of the street reconstruction costs onto the utilities' books, said City Administrator Phil Rath. In time, if the TID begins to see revenue surplus, the utilities and the city can be reimbursed, he added.
About 69 percent of the streetscape expenses were non-utility related costs, Rath said. Project design and engineering costs proportional to utility portions "have not been broken out, but could be," said City Engineering Supervisor Al Gerber.
If the city wants to bond for any parking ramp project, its financial advisor firm, Ehler's, recommends it do so by the end of 2013 or wait until 2014, Rath said. The city is looking at bonding $16 to $18 million next year for the wastewater treatment plant upgrades. Any more debt next year could weigh heavily against the city's excellent bond rating.
The parking ramp was an original part of the TID plans and is an eligible expense under TID financing rules. But whatever the city decides to do about the parking ramp, Rath cautioned the committee to "have the forethought that we may not get that (money) back, whether we bond for it or use general funds on hand."
And while the TID money can be used to help property owner improve their buildings, leading to increased property values and increased tax revenue, Alderman Michael Boyce pointed out that the parking ramp, as a city property, does not contribute to the tax revenues.
Borrowing money for the ramp before TID revenues increase would "burn into TID 7 again," he added. "We're not going to get a nickel of revenue from the parking ramp."
But some committee members and business owners are anxious for the decision to be made soon.
"We've already invested so much into our downtown. Business owners think this (parking ramp) is a crucial thing," said Tyler Soukup, co-owner of Baumgartner Cheese Store and Tavern.
Chairman Reid Stangel said the committee would like to work something for the ramp into the capital plan and budget for 2013, but he added other projects also need to be worked in too.
Preliminary results of the 2011 audit shows the city may have about $1 million more than it expected, partly as a result of spending below the budget last year, said Schuchart. The committee could apply those excess funds to projects or the budget, she said.
But right now, even Finance and Taxation Committee members are waiting to see what those options might be and what financing would best meet the option they choose.
Several downtown business and property owners gathered Monday at City Hall to hear the committee's discussion on the parking ramp.
The downtown parking ramp needs $1.4 million for repairs within the next year, more than $1.3 million of that to correct structural problems, according to a city-authorized evaluation by Arnold & O'Sheridan, Inc., a Madison engineering consulting firm. Additional repairs needed within the next five years would cost another $145,000.
The report also stated, "Based on the poor condition of the structure and being underutilized, it may be more cost effective to raze the structure and have a surface parking lot."
Mayor Bill Ross has recommended replacing the present ramp with a two-level structure. It would provide 140 parking spaces, but be designed to accommodate more levels in the future.
"We've deferred maintenance (on the current ramp) for so long, it's just a sinkhole," Ross said.
Pam Christopher, executive director of the Monroe Chamber of Commerce, said its members want the city "to keep no less than the number of parking spaces as it has currently." The parking ramp has about 200 parking spaces.
What to do about the parking ramp should not be based on how it is being under-utilized now, she said, when people are not using the ramp because of other aspects, such as its safety and cleanliness.
The parking ramp improvement is wrapped up in the project plans of Tax Increment District No. 7, which until this year has not been sustaining is debts, after a $4.2 million streetscape project that included utility replacements in 2009. When the TID can't meet its own debt obligations, the city is responsible for meeting the shortfall. Last year the city paid about $200,000 to cover the debt payment.
This year, TID 7 tax revenues still fell short of debt obligations by $174,000, though its equity value rose about $900,000. But if the city moves the 2009 downtown debt expense for the water, sewer and storm water back onto the utilities' accounts, the shortfall is estimated to be about $94,000, according to City Comptroller Bridget Schuchart. Those estimates are based on the TID equity value and current property tax rates.
The city may also be able to move some or all of the street reconstruction costs onto the utilities' books, said City Administrator Phil Rath. In time, if the TID begins to see revenue surplus, the utilities and the city can be reimbursed, he added.
About 69 percent of the streetscape expenses were non-utility related costs, Rath said. Project design and engineering costs proportional to utility portions "have not been broken out, but could be," said City Engineering Supervisor Al Gerber.
If the city wants to bond for any parking ramp project, its financial advisor firm, Ehler's, recommends it do so by the end of 2013 or wait until 2014, Rath said. The city is looking at bonding $16 to $18 million next year for the wastewater treatment plant upgrades. Any more debt next year could weigh heavily against the city's excellent bond rating.
The parking ramp was an original part of the TID plans and is an eligible expense under TID financing rules. But whatever the city decides to do about the parking ramp, Rath cautioned the committee to "have the forethought that we may not get that (money) back, whether we bond for it or use general funds on hand."
And while the TID money can be used to help property owner improve their buildings, leading to increased property values and increased tax revenue, Alderman Michael Boyce pointed out that the parking ramp, as a city property, does not contribute to the tax revenues.
Borrowing money for the ramp before TID revenues increase would "burn into TID 7 again," he added. "We're not going to get a nickel of revenue from the parking ramp."
But some committee members and business owners are anxious for the decision to be made soon.
"We've already invested so much into our downtown. Business owners think this (parking ramp) is a crucial thing," said Tyler Soukup, co-owner of Baumgartner Cheese Store and Tavern.
Chairman Reid Stangel said the committee would like to work something for the ramp into the capital plan and budget for 2013, but he added other projects also need to be worked in too.
Preliminary results of the 2011 audit shows the city may have about $1 million more than it expected, partly as a result of spending below the budget last year, said Schuchart. The committee could apply those excess funds to projects or the budget, she said.