continued Dickinson estimated that the net parking revenue, after expenses were paid, would be $120,000, and the town’s $60,000 share would pay the principal and interest on the bond or loan to purchase the 31 percent share.
Future parking revenues might be substantially higher, he said, noting that all three municipalities would likely be talking about raising existing parking fees from $1 to $2 per hour at the park.
Dickinson said that the proposal for the town to buy the 31 percent share from the county would be going to a public hearing within several months.
The Town of Lake George, under a previous administration, sold its 19 percent portion to the village for $210,000 after a dispute erupted about what buildings in the park’s festival space should be demolished.
Since the project’s inception, Warren County has owned 62 percent of the park.