Do the parking garages have an income?

Yes, all employees of downtown businesses pay to park off-street.  Most of them park in the city owned garages.  The employee permits in the three downtown (and the Riverfront lot) bring in $500,000 annually to the Parking District Fund.

Tenants located on the ground floors of Liberty and Chemeketa Parkades provide an additional $500,000 income annually.

The downtown businesses pay over $400,000 of parking tax into the fund annually.

The downtown garages have no mortgage or other debt.  Why isn’t $1.4 million a year income insufficient to maintain the garages?

That is a very good question.  If you would like to see the income/expenses for the District, visit:  Downtown Parking District Fund and the Leasehold Fund.

WHY ARE THERE TWO FUNDS?

When Chemeketa and Liberty were being built, the City ran out of bond revenue during construction.  The City borrowed the remaining funds from a local bank.  The bank required the City to set aside a fund dedicated to paying off the construction loan, so the Leasehold Fund was created.

The bank loan has been paid off for years, but the City refuses to combine all the income from the building into one fund.  No one knows why.

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