Parking Garage - Frequently Asked Questions
Will my taxes go up to pay for this?
The only tax dollars being proposed are those from the new hotel through Tax Increment Financing (TIF). The remainder is anticipated to come from permits and fees. For more information on TIF, click here.
Why is the hotel project influencing the schedule?
Although the hotel is private and the garage public, they rely on each other. The garage does not work financially without the 200 permits purchased by the hotel. The new hotel does not work without adequate parking. The hotel does not work financially if they build the garage on their own.
Is the City doing this just for the hotel?
Parking has been a chronic issue in Montpelier. The hotel development has created an opportunity to increase downtown parking by 26% and making additional development possible. Both the public and hotel benefit.
Is the City giving the hotel a “sweet deal”?
The hotel is donating land worth approximately $500,000. They are paying $300,000 annually for permits and an additional $150,000 annually in new property taxes. These two sources represent 62% of the project funding. That is equivalent to $6.2 Million of the $10 Million project cost.
Isn’t the Hilton Corporation bankrolling all of this?
Hilton is not paying anything for either the hotel or the garage. The Capitol Plaza owners have purchased a Hampton Inn franchise from Hilton but are financing this project on their own backed by their own assets and using local lenders.
What is the traffic impact?
Traffic studies were conducted for One Taylor St, the new hotel and the original smaller garage. An updated study can be found by clicking this link. The city has a strong interest in assuring that traffic is managed effectively.
What are the storm water impacts?
The project is meeting all storm water management requirements and incorporating green drainage areas where possible. The current location is already a paved impervious surface, the building will not create any new impervious area and new internal treatment systems will improve quality of any run off.
Has the City considered other locations for a garage such as the “pit” on Court Street?
The City has looked at virtually all potential locations for parking solutions including and especially the “pit”. Each present their own opportunity and challenges both logistically and financially. There is no one ideal location. The original One Taylor Street (then Carr Lot) project study identified this Capitol Plaza location as a top alternative. This is the most viable opportunity that has presented itself to the City.
Can the garage be constructed to allow for future re-use?
The current project budget and resources does not allow for the additional load bearing capacity needed for future housing or office space. This could be done but would need additional funding sources, likely property taxes.
What will the garage look like?
Generally the building is expected to be 4 ½ stories high which will be lower than the new Hampton Inn. It is proposed to have a green wall exterior made up of ivies and plants with structural accenting at the corners. You can view Rabideau Architects' renderings here and preliminary drawings here. Answers to design questions can be found here.
Can Net Zero principles be applied?
The building will have solar panels on the top floor and may use district heating to assist with snow removal in exposed areas.
What happens if car use goes down?
If there is a long term reduction in car use, the City will systematically reduce parking in other surface lots and on streets to open up new re-use opportunities.