Tacoma: City stands to make more than $4 million over first five years under terms of parking contracts for State Farm
State Farm hasn’t even arrived yet, but already the company has been good to the City of Tacoma.
Under separate parking agreements approved by the City Council Tuesday, the city stands to make $4.2 million over the next five years by leasing more than 800 permits for the insurance company in three city-owned downtown garages that now largely stand vacant.
The two five-year deals will boost the city’s dismal parking occupancy rates from just over half full to about 80 percent of capacity, city parking officials said Tuesday.
More importantly, they added, the deals will erase an $850,000 subsidy from …