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St. Paul HRA reviews parking enterprise fund, debt service and possible refinancing amid lower post-pandemic revenues
Summary
HRA staff briefed commissioners on the parking enterprise fund, noting revenues remain more than 50% below pre-pandemic levels, the fund primarily covers debt service and operations, and staff will return with refinancing proposals and an RFP for parking operators.
HRA staff provided an informational briefing on the agency's parking enterprise fund, noting that downtown parking revenues remain substantially below pre-pandemic levels and that net operating income is largely pledged to repay revenue bonds. The presentation previewed planned refinancings, an upcoming request-for-proposals for parking operators, and possible changes to the bond pledge for one underperforming ramp; no formal action was taken.
"Most of the parking enterprise fund supports the parking'it used to be once upon a time when the parking system made a whole lot of money before COVID," Director Newton said. Staff showed net operating income (NOI) fell from nearly $10 million in 2019 to roughly $4.1 million in 2020, with a continued drop in subsequent years and a 2025 budgeted income of about $3.5…
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