The Sarasota City Commission voted last week to approve a $400,000 loan from the city’s General Fund to cover the debt service on the bonds the city issued to pay for the St. Armands parking garage.
Interim City Manager Dave Bullock told the board that he will soon bring a proposal for generating sufficient parking revenue on St. Armands to cover the bond payments.
Kelly Strickland, director of financial administration for the city, wrote, “The St. Armands Paid Parking Fund could not collect parking fees from October 1, 2024 through January 2, 2025.”
This was due to the aftermath of last year’s storms.
The Commission voted 3-2 in 2017 to approve the issuance of $17.5 million in bonds to cover the expense of the parking garage on North Adams Lane, plus the burying of overhead electrical transmission lines from the Coon Key Bridge to North Washington Drive; signage in the general vicinity of the paid parking area; and the installation of median hard curb end caps.
The expense of the garage was put at $14,060,865.
City staff had expected the parking meter and parking lot revenue on St. Armands to add up to $1,530,000 for the 2024-25 fiscal year, which will end on Sept. 30. Another $464,000 was anticipated to be generated by users of the parking garage.
However, the latest projection for the parking meter and lot revenue is $884,125, while the garage revenue is anticipated to be $142,284. The $400,000 loan was needed to help cover debt service on the bonds.
