RURAL City of Wangaratta ratepayers have paid $368,338 for the Co-Store car park during the 2016/17 financial year.
For council to break even on the asset’s licence fees in future years, motorists would have to use it more than 10 times as much as they did last financial year, based on current fees.
The previous elected council signed off on a contract four years ago that will have the rural city effectively paying for one level of the three-storey car park for 20 years.
A licence fee model has council locked into paying increasing amounts each year based on a projected increase in income from the car park.
A cap on licence fees has been put in place which offsets a lack of usage by motorists, but nonetheless council will be charged almost double ($626,722) than what it was in 2016/17 by year-20, despite the cap.
Under the licence fee conditions council has 145 spaces which it can gain revenue from and in 2016/17 it earned $31,476 in revenue.