I read the article in Wednesday Journal, “Park district to demolish building on Madison Street” [News, Aug. 4]. So just to get this straight from a financial point of view, the plan is to spend something like $650,000 to park 8-10 vehicles? Really?
If one were to invest that same $650,000 at just 3% — a pretty modest return — it could reap $19,500 per year. At 5%, that’s $32,500 per year. And the principal would remain intact.
One would think that for $19,500, or $32,500, we could park many more than 10 vehicles. I, in fact, would rent out the two parking spaces in my alley for $1,000 a year each, or $2,000 total. Maybe less.
But instead, 650,000 taxpayer dollars are to be spent.
And people wonder why government has money problems.
Charles Watkins, Oak Park
