DUE to its financial difficulties, the Commonwealth Ports Authority board of directors had canceled of the 15-minute free parking at Saipan seaport.
“The board saw the need for additional revenue so the fee will be reimposed again,” CPA Executive Director Carlos H. Salas said.
CPA earlier asked the board to lift the 15-minute parking grace period extended to motorists entering the Saipan seaport because it drastically affected the seaport’s revenue.
The port used to earn $70,000 to $80,000 annual revenue from parking fees.
With the implementation of the grace period, the revenue was cut by half, CPA said.
Salas said the decline in revenue affected the agency’s ability to pay its operation expenses and revenue bonds.
CPA pays $2.6 million a year to a bond company in connection with its $33 million loan for the Saipan seaport expansion project.
The CPA board reimposed last year the 15-minute grace period amid mounting calls to lower the rates especially for motorists picking up or dropping off passengers.
“So now, we’re back to the old system. Every motorist entering the port will be charged a minimum of $1,” Salas said.
