News that the general pension fund APS will be building a multi-level parking garage in Philipsburg is most welcome. It’s no secret that the current lack of parking is one of the main deterrents to visiting the downtown shopping area.
The move hopefully will bring some added customer traffic to the merchants located there. This in turn may compensate for possible loss of business due to the Royal Caribbean Cruise Lines (RCCL) project at the harbour.
It also could help combat the current illegal parking practices that not only constitute a hazard to pedestrians and other vehicles, but make for a rather chaotic and ugly sight. The impression this creates is hardly a desirable one, especially for a tourist destination.
To a certain extent the motorists in question could be forgiven, as the existing parking options are few and far between, although the temporary use of the unfinished ring road has alleviated the problem a bit. Once the intended 400 additional spaces are available there will be no more excuses and police are likely to become stricter as a result.
Of course, the new facility won’t be free, but neither is the usually full lot on Clem Labega Square at the “old” Administration Building. The potential advantages include proper security, which is a big issue nowadays.
Hopefully the rates will be reasonable, as APS is looking for a return of 5.5 per cent on the investment. People also must keep in mind that the “land for debt swap” involved reduces Government’s arrears to the fund, which ultimately should work out in favour of the taxpayer.
Granted, it’s only NAf. 4.45 million of a total NAf. 83 million outstanding, but one has to start somewhere and the pending payment from the division of Netherlands Antilles assets to the tune of some NAf. 50 million is earmarked for the same purpose. All in all, with both the 2016 “shotgun” budget and multi-annual projections having received the green light from the Committee for Financial Supervision CFT, there is every reason to be at least cautiously optimistic about the immediate future of St. Maarten’s public finances.
