Quantcast

USC spends millions to cover parking deck deficits - Live5News.com | Charleston, SC | News, Weather, Sports

USC spends millions to cover parking deck deficits

COLUMBIA, S.C. (AP) - The University of South Carolina has spent $4 million in the last three years to cover deficits on a pair of underused parking structures and it could be six years before they break even.

The State newspaper reports that the Discovery and Horizon garages at the school's Innovista research campus are falling short of revenue projections by roughly $764,000 a year.

The two structures cost nearly $34 million combined when they were built. They have spaces for nearly 2,400 vehicles, but the Innovista campus is smaller than originally planned and has fewer tenants. Officials say Innovista's problems are largely a product of the economic downturn.

USC Chief Financial Officer Ed Walton says the university expects demand to grow in the next few years as the student population increases.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly