The city of San Rafael is holding a party with bands and parades and everything to celebrate the opening of the new 400 space garage. Wow! That’s great. A party for Parking.
Now I wonder how much they will charge to park in the facility that cost 22,500 per space, not counting interest on the bonds.
By my count if they charge $5 a day, it will take 12 years to pay off the principal, not counting interest. However, that means that 400 cars must park in the facility EVERY DAY for the 12 years and each must pay $5.
My guess is that the place will be empty on weekends, and will probably never fill during the week.
This is what is meant by subsidizing parking.
But then, they are holding a party.