Letters to the Editor do not reflect the opinions of The Reporter, its publisher or its staff. You can submit your own Letter to the Editor by email to News@ReadTheReporter.com. Please include your phone number and city of residence. The Reporter will publish one letter per person per week.
Dear Editor:
The price of free parking in Carmel just went up to $35,497 per slot.
City central planners are issuing $58.5 million in bonds to subsidize 1,648 parking slots in four economically unjustified projects – $35,497 a spot.
The cheapest parking space in the deal would cost $21,050 in an apartment complex on Old Meridian – $9.5 million for 395 slots.
The priciest are the 266 slots costing $15.5 million at Meridian and Main Street.
The 450 spaces in the $11.5 million parking garage alongside the new police station annex is a bargain at $25,555 per slot.
Then there’s $6.5 million startup financing approved for the Lot One project at Main and Range Line Road, which includes 325 spaces at $27,083.
But that’s just starter money if history is any guide. Typically, developers low-ball estimates and, in mid-project, slide in the true costs.
Beware, however.
None of these estimates includes interest charges which will probably double the total cost given inflation and recession impacts.
Bill Shaffer
Carmel