CHAPEL HILL-The Chapel Hill Town Council is poised to increase some parking fees to make sure the town’s parking fund stays solvent.
According to the town’s business management director, the parking fund assets have declined since the closure of Lot 5, which has been subsequently redeveloped into 140 West.
The town borrowed $7.2 million dollars to build 161 public underground parking spaces in that development, and although the debt service for the project is less than anticipated, the parking fund will continue to operate in the red without a price increase.
In response, town officials suggest raising the rates for on-street metered parking on Franklin Street by 25 cents to $1.50 per hour. That rate increase will also affect parking on Mallette and Graham streets. Parking at the lot on the corner of Rosemary and Columbia will go up 20 cents to $1.50 per hour.
If approved, the rate increases will be included in next year’s budget plan.
As always, on-street parking is free after 6 p.m., lot parking is free after 8 p.m., and all downtown parking is free on Sundays.