The cost of parking in State College is about to see a slight increase. Borough Council on Monday officially approved a measure to raise fees to fund repayment of borrowing for maintenance of parking facilities.
The council previously approved rate increases in authorizing the borrowing. Monday’s action updated the ordinance to make it official. The projects the borrowing funds include replacement of elevators, new access and revenue control equipment, new plaza improvements, streetscape improvements and significant structural maintenance and repair.
Rate changes going into effect on July 1 include:
– The cost of commuter on-street parking permits increases from $40 to $45.
– Special event rates for off-street parking garages increases from $1.75 per hour to $2.25 per hour, and the maximum rate increases from $28 to $32. The same change goes into effect for metered lots on April 11.
– Off-street parking facility permits — both 24-hour and commuter– will increase by $10 per month at all locations except the Sparks Street lot.
Changes that will go into effect on July 1, 2017 include:
– 25 cents for every 12 minutes at on-street meters (currently 25 cents purchases 15 minutes)
– Metered parking facilities will increase to $1.25 per hour (currently 50 cents per half hour)
– From 6 a.m.-6 p.m. off-street parking garages will be free for the first 30 minutes, 50 cents for 30-60 minutes and $1.25 hourly thereafter (currently first half hour free, 50 cents per half hour after). From 6 p.m.-6 a.m., the first half hour will be free then 75 cents per hour. The 24-hour maximum charge will increase from $16 to $20.
Earlier in the day, the borough auctioned a general obligation bond of $6.2 million to fund the parking maintenance projects. Of 88 bids, Raymond James bid the lowest rate at 2.03 percent over 15 years. Borough Manager Tom Fountaine said the bidding was better than expected and the borough had budgeted for a 2.5 percent rate. He added that the bid was better than any bank loan offer the borough had received.
