Cincinnati City Council has passed unanimously three ordinances that will provide additional parking for Procter & Gamble's (P&G) Downtown employees.
Two ordinances will provide funding for the addition of three parking decks to the : One provides for the issuance of up to $6 million in economic development bonds, the other transfers $5 million in tax increment financing (TIF) funds to a capital improvement project account.
A parking license agreement providing at least 375 key cards to P&G employees will provide revenues to service the bonds.
A third ordinance allows the City to enter into a five-year parking license agreement with the company, at the appraised fair-market value of $401,100 per year, for approximately 526 surface parking spaces in lots surrounding P&G's headquarters.
The agreement would be renewable for four additional five year-terms.
P&G will be adding approximately 650 support services employees to its Downtown campus in early 2010 when it shuts down its Governor's Hill facility in Symmes Township.
The move will increase its number of Downtown employees to nearly 4,750 and will add about $30 million in annual payroll, resulting in nearly $630,000 in annual tax revenue for the City of Cincinnati.
Previous reading on BC:
Ordinances, COA needed for Downtown garage expansion (10/20/09)
Cincinnati approves funds for 7th Street garage expansion (8/11/09)
Downtown garage expansion could begin this October (8/3/09)
Monday, November 2, 2009
Cincinnati passes ordinances for P&G parking
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Why does the City support more parking garages when the focus needs to be on public transportation, not more support for the private automobile. Some complain about government support for public transportation, but forget the billions spent by Federal, State and Local govts on roads, primarily for the automobile. We as a country need to catch up with the rest of the world.
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