FourFour2 article Feds: Federal reserve could be using state tax dollars to subsidize Silver Lake Parking Cost Increases article Grand Rapids, Mich.
(FourFourTwo) – The Federal Reserve could be utilizing state tax money to subsidizing Silver Lake parking costs, according to a letter sent to the Grand Rapids Public Schools superintendent Thursday.
The letter was sent to Superintendent Michael McKean and said that if the State of Michigan were to use state funds to fund the costs of Silver Lake, it could potentially result in additional tax revenue for the city of Grand Rapids.
According to the letter, the Federal Reserve is looking at the possibility of using $1.8 million in state tax revenue to help offset Silver Lake’s parking costs.
The letter was signed by Michael B. Rizzo, the president and chief executive officer of the Federal Open Market Committee, the central bank that manages the U.S. economy.
In its statement, the Fed said it does not comment on ongoing discussions or negotiations between the Federal Government and the State.
The Fed’s statement said it was working with the state to develop a long-term, cost-effective plan to address Silver Lake.
The Grand Rapids school district has said it’s looking into ways to address parking costs through the district’s parking garage.
The district currently has three garages and four vehicles.
The schools’ parking system is estimated to cost $1 million.