HomeMy WebLinkAbout1984-01-05-CRCParking-min.pdf MINUTES
CRC - Parking Garage Subcommittee
January 5, 1984
Attendees Robert Sacco, Joseph Trani , David Wells
The sub-committee received comments on the Center Parking Garage
Economic Feasibility worksheet by Robert Bowyer on 11 November 1983
The Bonding & Financing rates were reviewed by Mr J Kane, Town
Revenue Officer and Bill Gothorpe and associates at Lexington Savings Bank
Both parties confirmed and agreed with the findings of Mr Bowyer
j Costs and preliminary design were reviewed by Forest Lindwall ,
Spaul,ng & Co. and Engineers Design Group,
Mr Lindwall 's report indicated that the cost of 8,000/space was
appropriate for the elevated spaces However, a cost of $2,500/space was
suggested for the existing surface lot.
Spauling & Co , indicated that a cost of $6,000/space would be more
approp aiite for a single-deck parking structure Spaulding also included
a cash-flow projection for 5 years which indicated that a parking rate of
$3 50/day and $1 00/hour was realistic
Engineers Design Group submitted preliminary drawings and cost figures
for a multi-level structure with a capacity of approximately 700 cars at a
cost of $3,043,977 00
The Committee voted to further investigate the possibility of a parking
garage on the Meriam Street lot and requested $3,000 to create a model of
this garage for presentation to Town Meeting to start debate on the issue