Just out from City Manager’s office

51 Biltmore Cash Flow_1-14-11

If you look at page one of the pdf, it shows the total projected cash flow for the parking deck. The upper section is income. The next section is outgo. The next section is the total available to pay the debt (income minus expenses) and the amount to be paid each year.  The totals at the bottom represent the net year-by-year, and the final figure in the lower right is the projected total for 25 years.

The (parentheses) are the bookkeeping equivalent of a negative sign.

The proposed 51 Biltmore parking deck will lose $10,122,083 over the first 25 years of operation according to this City estimate.

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One Response

  1. I was struck by the total debt service projection of $27 million. Having to borrow the money and pay interest increases the total amount paid from $14 million to $27 million.

    It seems to me that the revenue and operating cost projections may be overly optimistic. The projected 2017 revenue figure of $1832 per space, or about $1535 when deflated to 2011 dollars, compares to 2011 budgeted revenue of $1040 per space for the existing three City garages. The operating cost may also be low. The total operating & maintenance cost in the current City Parking Fund budget is $1.9 million; this includes the decks and metered spaces. The projection for 51 Biltmore is only $207K in 2017, or about $175K in today’s dollars; i.e. less than 10% of the current operating costs.

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