25-699 : M. Nowakowski, Discussing the Creation of the Buffalo Parking and Mobility Authority

This item, 25-699, initiated by Council Member M. Nowakowski, discusses the potential creation of the Buffalo Parking and Mobility Authority. The proposal involves the city bonding out and purchasing its four parking ramps for an estimated $40 to $60 million to generate immediate revenue. However, this is viewed as a one-time infusion of funds, raising concerns about long-term costs and liabilities.

Key questions raised by Council Member Nowakowski include:

• Whether a formal appraisal of the parking infrastructure has been conducted and its current market value.
• The availability of a ratio analysis comparing projected revenue to debt service obligations.
• The proportion of anticipated revenue that would cover debt service versus repair costs if bonding is used.
• Economic factors that might reduce the long-term value of these assets.
• Potential city obligations if the Authority's revenue projections fall short or it fails to meet bond covenants.
• The severity and cost of necessary improvements to the ramps.
• Details of the transaction between the Authority and any proposed operator or private management partners.

The memo highlights ambiguity in the proposed bill regarding property conveyance and ownership, suggesting the need for close scrutiny before budget inclusion. The item has been repeatedly tabled by the Finance Committee since April 2025, with the latest status indicating it was tabled on December 30, 2025, with the next meeting scheduled for January 13, 2026.