Parking Services Strategic Business Plan for Downtown Summary of by Sfusaro

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									                                                                                                                           ATTACHMENT 1
                                         Parking Services Strategic Business Plan for Downtown
                                                  Summary of Action Steps – by Date


                                                                                                                           Parking
                                                                                                                           Special
Implementation                                                                                         Projected           Account
                  Goal                            Task                                  Cost
Date                                                                                                   Revenue (new)       Balance
                                                                                                                           $227,000

                                                  Develop an Intuitive Parking System
                                                      • Improved Website
 2009 / Ongoing   System that Pays for Itself                                           Staff Time     N/A                 -
                                                      • Consolidated Brochures
                                                      • Public Presentations
                                                  Reduce Our Operational Costs
                                                      • Enhance Online Services
 2009 / Ongoing   System that Pays for Itself         • More Debit Card Machines        Staff Time     N/A                 -
                                                      • Explore Pay Kiosks
                                                      • Paperless Court System
                  Compress Parking so Land is     Promote Urban Density
     2009                                             • Purchase two IT Lots            ($46,000)      $20,4751            $201,475
                  Available for Development
                                                      • Olympia Center Parking
                                                  Convert Free Core to a Pay System     ($725,0002 )
                  The Right Person in the Right                                                        $60,0003
     2009                                             • 335 free spaces to pay spaces   Debt                               $261,475
                  Parking Space
                                                      • $0.75 per hour                  Financing
                                                  Reduce Parking Demand in Downtown
                  Compress Parking so Land is         • DT Commuter Program
 2009 / Ongoing                                                                         Staff Time     N/A                 -
                  Available for Development           • Adaptive Permit Programs
                                                      • CTR / TDM Efforts
                                                                        2009 Totals: $46,000           $80,475             $261,475
                                                  Right Price for the Right Space
                                                                                                       Meters = $74,5774
     2010         System that Pays for Itself         • Review Meter Rates              ($10,000)                          $340,482
                                                                                                       Lots = $14,4305
                                                      • Review Lot Rates
                  Compress Parking so Land is     Promote Urban Density
                                                      • Purchase two IT Lots            N/A            $35,100             $375,582
                  Available for Development
                                                      • Olympia Center Parking
                  The Right Person in the Right   Convert Free Core to a Pay System
                                                                                                       $358,182
                                                      • 335 free spaces to pay spaces   ($256,166)                         $477,598
                  Parking Space
                                                      • $0.75 per hour
                                                  Develop a Way Finding System
                  The Right Person in the Right
     2010                                             • Develop System/Signage          ($220,000)     N/A                 $257,598
                  Parking Space
                                                      • DT Input/Marketing
                                                                                                                ATTACHMENT 1
                              Parking Services Strategic Business Plan for Downtown
                                       Summary of Action Steps – by Date



                                                             2010 Totals: ($486,166)        $482,289            $257,598

       Compress Parking so Land is     Promote Urban Density
                                           • Purchase two IT Lots            N/A            $35,100             $292,698
       Available for Development
                                           • Olympia Center Parking
       The Right Person in the Right   Convert Free Core to a Pay System
                                                                                            $358,182
                                           • 335 free spaces to pay spaces   ($251,333)                         $399,547
       Parking Space
                                           • $0.75 per hour
                                       Right Price for the Right Space
                                                                                            Meters = $149,154
       System that Pays for Itself         • Review Meter Rates              N/A                                $577,561
                                                                                            Lots = $28,860
                                           • Review Lot Rates
                                       Discourage Surface Parking
       Compress Parking so Land is
2011                                       • Change Parking Code             Staff Time     N/A                 -
       Available for Development
                                           • Prohibit New Surface Parking
                                       Discourage Overbuilding of New
                                       Supply
       Compress Parking so Land is         • Change Parking Code (No –
2011                                                                         Staff Time     N/A                 -
       Available for Development                Minimums)
                                           • Establish Parking Maximums
                                                             2011 Totals6: ($251,333)       $571,296            $577,561

       The Right Person in the Right   Convert Free Core to a Pay System
                                                                                            $358,182
                                           • 335 free spaces to pay spaces   $246,501                           $689,242
       Parking Space
                                           • $0.75 per hour
                                       Right Price for the Right Space
                                                                                            Meters = $149,154
       System that Pays for Itself         • Review Meter Rates              N/A                                $867,256
                                                                                            Lots = $28,860
                                           • Review Lot Rates
       Compress Parking so Land is     Promote Urban Density
                                           • Purchase two IT Lots            N/A            $35,100             $902,356
       Available for Development
                                           • Olympia Center Parking
                                       Cost Recovery for all Programs
2012   System that Pays for Itself         • Review Fees for Residential     Staff Time     $100,0007           $1,002,356
                                                Parking Program

                                                             2012 Totals: $246,501          $671,296            $1,002,356

TBD                                    Move to Structured Parking8
       Compress Parking so Land is                                           $8.4 - $8.8M
                                          1. Mills / Mills                                  TBD                 TBD
       Available for Development                                             $13 - $21 M
                                          2. DOT (Testing Lab)
                                                                                                                      ATTACHMENT 1
                                     Parking Services Strategic Business Plan for Downtown
                                              Summary of Action Steps – by Date


Assumptions
1.
  7 months at IT 1 (25) and IT 2 (20) at $65.00 per month. Full Year = $35,100
2.
   $725,000 Interfund - loan over 3 years at 2% interest. Payments = 10/10 - $256,166, 10/11 - $251,333, 10/12 - $246,501.
3.
   2 months debt financing at 335 spaces at .75 cents and 60% occupancy. Full year = $358,182.
4.
   6 months - 3 hour meters at .60 cents and 45% occupancy/9 hour meters at .50 cents and 15% occupancy. Full year = $149,154.
5.
   6 months at Olympia and Franklin Lot (49) $30.00 to $50.00/All other lots $50.00 to $65.00. Full year = $28,860.
6.
   In 2011 Parking Fees will fully support Parking Operations. This frees up all citation revenue for Capital Projects.
7.
   1,000 vehicles - 900 at $120.00 – 100 at $20.00 = $110,000/ $10,000. Full year net = $100,000.
8.
   There is a potential for upfront equity funding by selling the City owned DOT (Testing Lab) location. Additional upfront equity
funding is available from parking citations as well as the Parking Special Account.

								
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