BUFFALO, N.Y. (WKBW) — The Buffalo Parking Authority met for the first time on Tuesday as it looks to negotiate the sale of four city-owned parking ramps.
The authority's inaugural meeting saw its board members decide the basics, agreeing on policies and bylaws. The board also appointed Buffalo Deputy Mayor Benjamin Swanekamp to the position of CEO.
The ramps are expected to fetch between $25 to $30 million, according to financial advisors at the meeting.
Swanekamp said the sale of the ramps is vital in light of a recent budget gap report released last month, which projects a budget deficit of around $20 million.
"That gap report assumes two things happen," said Swanakamp. "The ramp sale occurs, valued at at least $26.5 million, and the city receives $11 million in compact money fronted by New York state because there is currently no gaming compact. Without those two items, our deficit goes from $22.5 to $62 million."
The sale needs to be completed before the end of the fiscal year on June 30 if the city is to close the gap.
