Buffalo may not have a choice but to help fill a canyon-like fiscal gap, it may be forced to sell four city-owned parking ramps to institutional investors.
While the issue of selling the ramps dates back one year when it was proposed by then-acting Mayor Chris Scanlon, members of the Sean Ryan administration admit they may have to go down that fiscal route.
Ryan, during last year's mayoral campaign, said he opposed the sale of the four ramps.
"It is a necessary evil," said Deputy Mayor Ben Swanekamp.
City officials are hoping the four ramps - Turner, Fernbach, Augsburger and Adams - will net at least $24.5 million and maybe as much as $35 million.
"We need to close the budget gaps for the next two years," Swanekamp said.
Even with $40 million in a one-time state aid and $11 million in state-fronted Seneca compact dollars, Buffalo's fiscal picture is not a positive one, Swanekamp said.
"It's a bit of a shell game," Swanekamp admitted.
Swanekamp said the ramps would need to be sold by June 30th, something the city's Wall Street advisors in this matter - Masterson Advisors LLC - thinks is possible.
But, if the debt service ratio comes in too high, Swanekamp thinks it might better serve Buffalo to not sell the ramps and look for other revenue options.
Combined the four ramps have 5,203 parking spaces and are used by 1 million parkers annually.
This year alone, through February, more than 157,000 vehicles were parked in one of the ramps.
Last year, the ramps generated $10.2 million gross revenues and after debt, netted $4.9 million for the city's coffers.
"I do think, if we take the ramps to market, we will do well," Swanekamp said.