Major investments required to extend the useful life of a parking facility
LEXINGTON, Ky. (WTVQ/LEXINGTON PARKING AUTHORITY) – The recent partial collapse of a privately owned parking structure in Lexington is a reminder of the enormous amount of time and expense required to safely maintain a parking facility for public use.
The Lexington Parking Authority would like to educate the residents of Lexington and Fayette County on how the LFCPA utilizes monthly garage and on-street parking revenues to maintain safe parking around our city.
The Lexington & Fayette Parking Authority (LFCPA) owns and operates four parking structures in Downtown Lexington. They are:
- Victorian Square Garage | 350 W. Short St.
- Transit Center Garage | 150 E. Vine St.
- Helix on Main Garage | 156 E. Main St.
- Courthouse Garage | 105 Barr St.
In 2013 after the LFCPA took ownership of the Helix Parking Garage on Main Street from the City of Lexington, LFCPA invested over $3,1000,000 to restore the garage to a safe condition and to extend its useful life by 20 years, according to the Lexington Parking Authority.
LFCA said this work was part of a structural condition assessment performed in 2012 which called for the spending of over $5,500,000 on all four parking facilities combined.
In 2017, LFCPA expanded the original assessment from 2012 by hiring engineers to create the 20-year Capital Asset Management Plan (CAMP).
The purpose of the CAMP is to guide the LFCPA on priority repairs and set forth a plan for the next 20 years of maintaining our four parking facilities.
Thereafter, the LFCPA spent an average of an additional $1,000,000 per year for the past three years to continue the CAMP work.
These expenditures allow LFCPA to extend the useful life of our facilities and maintain safety for our customers. LFCPA has already planned additional multi-figure expenditures for the next few years.