Council OKs city ramps sale for $88 million
Source: By Steve Brandt, Star Tribune (MN), July 20, 2007
Minneapolis will shed eight of the 24 parking ramps it operates under an $88.2 million deal approved over the objections of some union representatives.
The City Council approved the privatization deal 11-0, adding some job dislocation help for the undetermined number of largely immigrant workers who lose jobs.
....... The sale allows the city to retire about one-third of the debt on its parking facilities, and strengthen its cash flow on the remaining ramps, according to projections. The privately held ramps would generate an estimated $3.4 million in property taxes annually.