Main Body
Estimated Revenue from Rentals of the Facilities
If the proposed retail market is to be self-liquidating, and the city and its citizens are interested in finding cut this fact, rentals and other income from those who would use the market stands and the restaurant and parking areas would have to be sufficient to meet the total annual operating expenses. For this purpose, the following assumptions were made with respect to the rentals that might be obtained from the market stands. The assumed rentals are 30 percent more than the rents paid in the old Central Market in 1946.
| Item | Revenue Dollars |
| 76 outside stands at 90 percent occupancy @ $3.20 per square foot | 14,008 |
| 137 inside stalls at 93 percent occupancy @ $4.80 per square foot | 49,537 |
| 6 fish stalls 5 occupied e $5.20 per square foot | 2,106 |
| 1 35 by 45 restaurant @ $2.50 per square foot[1] | 3,935 |
| Total estimated annual revenue from leasing market stands and restaurant | 69,586 |
| Estimated revenue needed on site No. 1 | 114,937 |
| Deficit in receipts over expenditures on site No. 1[2] | 45,351 |
| Estimated revenue needed on site No. 2 | 100,772 |
| Deficit in receipts over expenditures on site No. 2[3] | 31,186 |
In the foregoing estimate no allowance has been made for revenue from the parking space on the roof and in the basement, or for space adjacent to the market building. The roof and the basement would be 134 feet wide end 258 feet long, and each would contain 34,572 square feet. After a deduction of space in the basement for the columns supporting the first floor, garbage end trash chutes, service rooms, and a right-of-way to the chutes, the available space would be reduced by about 20 percent, leaving about 27,500 square feet for other uses. Therefore the total space in the basement and on the roof which could be made available for parking would amount to approximately 62,000 square feet.
It would appear that the only way the city could meet the annual payments on the investment in the land and building would be by leasing the basement space, roof parking, and other space that might be available to a private individual or corporation for parking service or for some other purpose. To obtain sufficient revenue to amortize the total investment within 25 years and pay operating expenses of $48,800 per year, this space would have to be leased at $4,000 per month on site No. 1 and for nearly $3,000 per month on site No. 2.
The problem of leasing this space at from $3,000 to $4,000 per month was discussed with officials of the city early in 1948, when they stated that it would not be possible to obtain a secure lease from a responsible firm for the facilities offered at these figures.
- The restaurant probably would be leased on a bid basis by the city; therefore, the revenue might be more or less than that shown above. ↵
- The only possible other source of revenue to cover this deficit would be from parking areas. ↵
- The only possible other source of revenue to cover this deficit would be from parking areas. ↵