Planned $4.7 million refinancing to keep parking rates the same
Williamsport Parking Authority said it intends to keep its rates the same by taking out a $4.7 million line of credit with a bank in a plan the authority expects to vote on at its next meeting.
“We could save $250,000 a year on this refinancing package and keep rates the same,” said Dr. Anthony J. Cipolla, authority chairman.
He received preliminary approval from the board to go ahead with the refinancing package, which is designed to “help the consumer by not raising parking rates,” and to “get locked into low-interest at this time.”
The authority has a $1 million budget, said William E. Nichols Jr., city finance director and general manager of River Valley Transit. River Valley Transit provides financial management for the authority.
The refinancing package would be for 10 years with $2.4 million for River Valley Transit and $2.3 million for the authority, Nichols said.
The next capital improvement project for the authority is to replace existing older on-street meters with new meters that accept credit cards for payment, Cipolla said.
An estimated 200 meters will be replaced over the summer, he said.
Rates remain $40 a month for monthly surface lot parking with a $2 deduction available. There are also two parking garages for customers’ use, he said.
The authority meets at 5 p.m. at its headquarters on West Third and Officer Thomas Hughes Lane. The authority board meets on the fourth Wednesday unless otherwise scheduled, Cipolla said.