The projections for revenues are calculated conservatively by a consultant. They are based on the parking demands of the surrounding buildings and development projects that have recently been announced. Even with these conservative projections, the parking demand on the site is expected to exceed the 640-space garage.
If the garage does not generate as much revenue as is projected, then the City will pay the difference and collect payments from property owners in the proposed Special Assessment District (click the link to view a map). The Special Assessment District includes the properties that surround the 3 Lincoln Street site. Funds will be collected from the property owners in the Special Assessment District only if revenues fall below 90% of projections. This mechanism is in place to ensure that no residential property tax dollars will be used for this project and that mill owners have an incentive to move forward with successful projects.