FERNDALE, Mich. (WXYZ) — Ferndale city officials unanimously voted Monday to double parking rates and add two more hours per day of paid partking that will be enforced in order to fund a new mixed-use development. The rate hike will go into effect April 1.
Monday night, city council members met to discuss a number of issues surrounding Ferndale’s mixed-use parking project known as The Dot. The project, which will add 400 parking spaces to a former street lot behind Rosie O’Grady’s, will take 12 to 15 months to complete. In the meantime, the city has plans to work around a loss of valuable parking spaces.
“It’s a big project delivering a lot of infrastructure goals, and a lot of economic goals,” said Joseph Gacioch, Ferndale’s assistant city manager.
The city says the new revenue is needed to help pay for the new, $20 million capital investment parking structure because investors consider the project riskier than road investments, therefore, they need cash in escrow as collateral. This cash the city thought they'd have for early deficits once the project is done.
"(It's an) additional cost to satisfy a parking crisis that we’ve had in our community for many years and also build something that we’re proud of," said Ferndale Mayor David Coulter. "In the end, it's is going to be worth what is admittedly going to be a very inconvenient 15 or so months."