Maintaining Scranton’s five parking garages would cost $26 million over 40 years, while demolishing one or two of the older structures that need significant repairs could drop that figure substantially, according to a new analysis.
A June 3 report by Chicago-based consultant Desman Design Management titled “Parking System Due Diligence Market and Revenue Analysis” is the latest step in Mayor Bill Courtright’s plan to unload the Scranton Parking Authority’s five parking garages — Medallion, Casey, Connell, Electric City and Linden.
The aim is to “monetize” through privatization, either leasing or selling, the authority’s underused, high-debt parking garages that have 2,659 spaces, as well as the 1,479 city-owned parking meters. The goal is to reduce the amount of SPA debt the city guarantees and covers in annual bailouts.
The authority retained Desman to assemble various elements of the parking system for evaluation by potential bidders on a lease or sale.
Read more: http://thetimes-tribune.com/news/as-scranton-parking-garage-costs-soar-demolition-an-option-1.1896326