Council Minority Still Against Refinancing of Garage Bond

Theon the midtown garage was voted down by the council minority again on Wednesday night, but passed on first reading in a 5-4 vote.

On second reading—on Nov. 14—at least one member of the council minority will have to vote "yes," in order for the bond to pass.

A re-financing of the bond is necessary because the hospital—currently a public entity—Because the garage will be used by a private entity,

Mayor Dawn Zimmer and her council supporters are in favor of changing the bond, which will save the city $50,000, Zimmer said. If not changed, according to the mayor as well as Councilman Peter Cunningham, the city will have to come up with a $4.5 million payment to defease the current bond.

While $3.1 million is coming from the parking utility budget, this payment will cause a $1.4 million gap in next year's budget, according to Business Administrator Arch Liston.

Mayor Dawn Zimmer said thatListon has said that no lay offs will happen until at least Jan. 1, 2012.

On Wednesday night, Fourth Ward Councilman Tim Occhipinti said that he didn't have "a problem" re-financing the bond, but still voted "no" along with Council members Theresa Castellano, Michael Russo and Beth Mason.