CAR-PARKING BUILDING

Press, Volume CIII, Issue 30338, 14 January 1964, Page 10

CAR-PARKING BUILDING

Meter-Money Policy The demolition which began on the corner of Gloucester and Manchester streets yesterday afternoon was the first step towards an offstreet parking building, which has been in the City Council’s policy since 1956, when parking meters made their appearance. Shortly after meters were installed the council decided that money from them should be funded, first to pay for the installation and then to meet the cost of amenities for motorists —traffic lights and off-street parking buildings. Since meters were installed they have contributed £314,136 up to the end of last March. Receipts this year are expected to be about £50,000. The meters have cost £62,697, and maintenance and wages directly associated with them have amounted to £45,220. From the fund, the council has bought three off-street parking sites and developed them. The biggest is in Tuatn street, on which £80,336 has been spent, and on which remains £7500 to be paid this year. The property has already shown a profit of £4OlB.

A Latimer square property has been bought and developed for £22,432. In Lichfield street, the council bought ttie old Midland Motorways, Ltd., depot and has developed it for offstreet parking at a cost of £47,252. Now, an adjacent property has been bought, and it is likely that it will be used as a site for a building in preference to the Midland property. Parking meters have contributed £16,386 to traffic lights around the city. In addition to that amount the National Roads Board has paid subsidies. When the council decided to devote meter funds for the benefit of motorists it had in mind parking buildings. A loan of £245,000 has been raised for the building on the site of the old M.E.D. garage and council stables. A supplementary loan will be needed to cover the contract price of £272,465. The loans will be serviced from the special parking meter fund account.