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Funding plan for UNLV parking approved

Friday, June 24, 2005 | 8:45 a.m.

University regents voted 8-3 on Thursday to approve a finance plan to add two more stories to UNLV's parking garage on Cottage Grove.

UNLV will use parking fee revenues and other nonstate sources to pay back $11 million to $13 million in bonds for 850 new parking spaces, Gerry Bomotti,vice president for finance, said. That's $13,000 to $15,000 a space.

Regents Steve Sisolak, Mark Alden and Linda Howard voted against the plan, in part because of the high cost and in part because of concerns over how UNLV was planning for parking needs in light of five planned new buildings. Sisolak thought the university might be able to save money by just buying some of the land it currently leases on the north side of campus and turning that into a parking lot.

Bomotti said that may be a consideration in the future, but for now the parking structure is needed to offset the loss of other spaces to construction.

Faculty, staff and students will see a 10 percent hike in their parking fees to help offset the costs of the garage, Bomotti said.

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