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Item B: Downtown Parking
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Item B: Downtown Parking
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8/6/2010 12:12:01 PM
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8/6/2010 11:56:36 AM
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City Council
City_Council_Document_Type
Agenda Item Summary
CMO_Meeting_Date
8/11/2010
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ATTACHMENT A <br />Downtown Free Parking Options <br /> <br />A summary of each of the downtown free parking options is provided in this attachment. The loss of <br />on-street meter revenue is the immediate impact of removing meter heads in each of the options. <br />The one-time capital expense line item includes the staff and materials costs of removing meter <br />heads, installing time-limited parking signs, and capping existing meter poles. <br /> <br /> <br />Downtown On-Street Foregone On-Street One-Time <br />Parking Options Meter Revenue Expenses <br />Option 1 $220,000 $22,000 <br />Option 2 $160,000 $16,000 <br />Option 3 $120,000 $1,200 <br /> <br /> <br />Funding Implications: <br />While the removal of on-street meters will result in a loss of revenue, it is unclear what other impacts <br />there may be. After implementation of an on-street free parking program there may be additional <br />citation revenue as was the case during the previous free programs. We may also experience a loss <br />of permit revenue as employees move from the garages to the free on-street program. The <br />magnitude of these impacts will depend upon the size of the program implemented. Staff will <br />identify and present a range of funding options to off-set any overall reduction in parking fund <br />revenues at the work session. <br /> <br /> <br />
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