 | Board of Visitors minutes March 21, 1986 |  |
UNIVERSITY OF VIRGINIA
Construction: Parking Garage and Utilities
Project Description:
The University is planning construction of a parking garage for 642 cars at the University of Virginia Hospital. This garage will replace 465 parking spaces that will be lost when the replacement hospital is constructed.
The project has been appropriated by the 1984 General Assembly under Chapter 754, item -13 at a cost of $5,850,000 (including outside utilities) of which $1,400,000 was to be provided by Revecue Bonds with the lance coming from Hospital revenues. The University is submiting an to the 1985 General Assembly requesting a change in the amount of funds provided from Revenue Bonds to $5,000,000 with the balance of $850,000 funded from Hospital Revenue. The project is expected to be completed in December 1985.
Parking support for the current medical center complex is not adequate to meet the needs of today's staff levels. Completion of a 363 space parking deck devoted to patient and visitor parking has been able to meet the demands for that category. Parking for faculty and staff remains marginal, hence a number of staff must utilize peripheral lots or depend on bus service from outlying areas. Presently, there are waiting lists totaling 514 faculty, resident staff, nurses and other staff personnel desiring parking facilities near the medical center. Should this project not be completed and in service in the early stages of the major hospital construction, the parking support for current medical activities will be significantly impaired.
It is expected that 500 spaces in the arage will be allocated to permit parking and will be sold at a projected monthly cost of $20 per space. The remaining spaces will be used for patient and visitor parking on an hourly basis. Because of a decision to relocate the garage down the street from the existing Medical Center parking garage the addition of one full-time employee will be required to operate the facility at an annual cost of $14,000. Other operating costs are expected to be $21,000 annually. In addition to the net revenues generated by the garage, a subsidy of $407,536 annually will be provided by other parking and transportation units, primarily parking permits and traffic fines.
In calculating the debt schedule, interest rate of was sed and payments were extended over 20 years with debt serte coverage of 1107.
| Board of Visitors minutes March 21, 1986 | |