FROM OUR ALDERMAN:
MANNY FLORES, 1st Ward Alderman
Dear Neighbor,
I am writing to inform you about my vote at yesterday's special City Council Meeting, concerning the proposal to lease the city's metered parking system. After careful review and deliberation, I decided to vote for the measure. The reasons for my vote are the following:
· The plan provides for an immediate, up-front payment of $1,156,500,000.
This payment will enable the city to create a:
1. $100 million Human Infrastructure Fund to help pay for important social service programs;
2. $325 million Mid-Term Budget Relief Fund to help balance the 2009 budget and subsequent annual budgets;
3. $400 million Perpetual Reserve/Revenue Replacement Fund which will be invested, with interest revenue allocated to future yearly budgets; and a,
4. $323.5 million Budget Stabilization Fund which will be used to maintain the city's positive bond rating and will serve as a "rainy-day" fund.
· The plan provides for a better valuation of curbside, metered parking along commercial corridors, which will promote the beneficent goals of:
1. Increasing the use of public transportation. As our country grapples with the scarcity and the higher expense of energy resources, as well as its polluting effects, public policy should be encouraging the use of public transportation, especially along our commercial corridors.
2. Reducing traffic congestion. As a strong proponent of environmental sustainability, I believe we should be promoting policies that reduce our carbon, or energy consumption, footprint. Having fewer cars on the road, and minimizing their energy consumption, achieves this goal.
3. Increasing the turnover of parked cars on many of the commercial corridors, which will benefit small, local businesses. In these difficult economic times, it is imperative that we take measures that support our local businesses.
If you would like to further discuss this or any other municipal matter, please feel free to contact me at (773) 278-0101.