The Miami Parking Authority's lots and meters bring in $13 million a year that's turned over to the City of Miami, but that may change.
City commisioners may soon vote on a resolution that asks voters if they want to change the city charter so that the city itself would take over the parking operations from the parking authority.
The proposed charter change is an effort to get the city of its financial defecits.
The parking authority has 30,000 parking spots, is independent from the city, has an excellent bond rating (unlike the city), and can borrow money cheaper, which is why experts say a takeover is so attractive for a city in financial straights.
"I think it is the last principle asset the city has to raise money," bond finance expert Tom Tew, of the law firm Tew-Cardenas, said.
Downtown businesses worry, though, that if there is a change, parking rates could go higher and hurt their businesses.
"The three amigos we just signed to the Heat are supposed to bring a revitilization, and the parking has to be a part of that so merchants can attract people downtown," Tew said.
"It's not about rasing rates, it's about the flexibility to know what we should do with the different assets," said Miami Mayor Tomas Regalado. "The taxpayers should know that we are accountable and if we don't do a good job we are here. "
The commissioners may vote this month to let the proposed change go on the ballot November 2, or sooner.
