The $24.6 million parking garage went online in mid-July 2021.
“There is probably nothing we could have done differently to generate the additonal parking during COVID-19 and to accelerate the (development) projects faster,” Bennett told the council. Once that happens, the city can implement the density changes, which will allow developers to move forward. Tom O’Shaughnessy of Amber Infrastructure Group said the shortfall seemed to be an interim issue that would change, once the new developments come online.Ĭurrently, developers are waiting on approvals for density bonuses from the Maine Department of Environmental Protection, said Phinney. One suggestion has been raising rates an extra $1 for transient parkers and $5 for those with subscriptions, which would bring fees more in line with other Northeast cities, according to a report prepared by parking garage owner and joint development partner Amber Infrastructure Group. The council could also choose to increase parking fees. City Manager James Bennett told the City Council he would explore the matter and come back to the council in September or October with a report. So far, a district has not been established. One clause in the joint development agreement allows the city to establish a special assessment district and then decide whether to bill those within it to help make up any shortfall. He said the TIF account generates about $1.7 million to $2 million annually. Biddeford Chief Operating Officer Brian Phinney told city councilors attending a recent workshop that the latest tab is about $137,000. This spring, the city paid development partner Treadwell Frankin Infrastructure Capital a stabilization fee of $130,024. The stabilization fee payments have come from Tax Increment Financing revenues.
That in turn has meant revenues are dipping below the threshold of 90 percent of expectations - the trigger at which the city is required, under the terms of a joint development agreement, to pay a stabilization fee.īiddeford city officials have said from the outset that residential property tax dollars would not be tapped for the parking garage.
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