City council gave three readings to a bylaw amendment that would allow for metered parking revenue to be used for downtown revitalization initiatives.
While a current bylaw stipulates that parking revenue be used for the provision of facilities and services supportive of parking in the downtown core, the new bylaw amendment would allow for revenue to support downtown revitalization.
The proposed changes would enable leveraging parking revenue for grant applications for vibrancy projects specific to the downtown core, according to a staff report.
“Downtown revitalization is identified in the City’s Official Community Plan as a city objective to encourage new investment, enhance the economy, bring more residents to live in the downtown and to make the downtown more appealing to both residents and visitors,” reads the report. “Enhancing downtown vibrancy is also one of the focus areas identified by Council in their recent Draft Council Priority document.”
As of Dec. 2018, the balance in the downtown parking reserve us $792,770.