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September 16, 2020 - 5:35 PM
It's going to cost you more to park in Penticton's downtown now that city council has approved the expansion of the metered parking program and raised the hourly rate.
City council raised the hourly parking rate from $1.25 to $2 at its meeting yesterday, Sept. 15. The expansion program involves implementing pay parking to all commercial areas of the downtown where parking currently doesn’t exist, with the addition of 135 new meters, mostly on Front, Ellis and Main Streets, along with five new pay machines and the replacement of seven older pay machines.
The COVID-19 pandemic has the City projecting a $3.9 million revenue shortfall this year, with estimates for an equal or larger amount next year. Expansion of metered parking program is hoped to at least partially address those expected shortfalls.
An additional $175,000 was been added to the 2020 capital budget to pay for new meters, pay machines, poles and signage in order to expand the program in early 2021.
The City expects to collect an additional $700,000 in parking revenue.
Council approved the motion to expand the metered parking and raise the parking rates unanimously.
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