FeedsFinancing for parking deck expansion in place
Downtown Plymouth will soon see more construction as work begins next year on an expansion of the Central Parking Deck off Fleet Street.
City commissioners put the preliminary financial steps in place Monday. They approved a resolution authorizing a bond sale on behalf of the Downtown Development Authority (DDA) to help finance the expansion.
The bonds will cover the cost of adding an additional deck with 140 parking spaces to the downtown Plymouth structure. The cost of the expansion is estimated at $4 million.
Officials at the DDA said additional parking is necessary as business continues to flourish downtown. Plymouth is also growing a reputation across the state as a great event town as thousands frequent events such as Art in the Park and Fall Festival.
“The added parking space will be useful,” said John Buzuvis, assistant operations director for the DDA. Currently there are 880 general parking spaces in downtown Plymouth. The expansion means there will be more than 1,000 parking spaces available for downtown shoppers and visitors.
Buzuvis said the DDA board decided to pursue additional parking in Plymouth after a 2004 parking study concluded that for Plymouth to take full advantage of the downtown entertainment, restaurant and shopping industries, people have to be able to park.
“The way we got to this decision was the parking study,” said Buzuvis. “We called in the experts.”
Buzuvis said having bond funding is critical to the expansion project. The DDA is financed through Tax Increment Funding. (TIF) The authority gets a significant portion of its funding from property taxes generated by downtown businesses. While some TIF funds can be used for the parking deck expansion, there is not enough to fund the entire project.
The adoption of the resolution on Monday is only the beginning of a long process to approve the bond sale. Several meetings and hearings must take place before permission is granted. The DDA is confident the deal will work and downtown business owners look forward to increase parking for their customers.
Pam Nichols, owner of Pam’s Bead Garden on Forest, said she feels “sorry for the people who are buying the condominiums near the Central Parking Deck,” but she understands the need for expanded parking.
“I think it’s cool that the DDA is expanding parking,” said Nichols, a 4-year business owner who said business comes and goes in the area but there is a greater good served by more parking.
