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Identification and Funding Source: <br />Project Name: Downtown Parking Structure Feasibility Study <br />Program(s): <br />Economic Prosperity <br />Economic Prosperity <br />Five -Year Capital Improvement Program <br />Request for Capital Equipment or Capital Project <br />Sub-Program(s): <br />Submitted By: Economic Development <br />Funding Source(s): <br />Priority: <br />Version: <br />Business Retention & Development Capital Projects Fund <br />Urban Renewal <br />Capital Projects Fund <br />5/14/2016 <br />Percent <br />50% <br />50% <br />100% <br />Estimated Cash Flow Schedule: <br />Equipment or <br />Project Costs <br />Year 1 Year 2 Year 3 Year 4 Year 5 Five -Year <br />2017 2018 2019 2020 2021 Total <br />Beyond <br />5 Years <br />Land Acquisition <br />Design & Engineering <br />Other Prof Services <br />Construction <br />Other <br />Capital Equipment <br />80,000 <br />80,000 <br />Total Equip/Project Costs 80,000 <br />Grant(s) or Other <br />Project Revenue <br />40,000 <br />80,000 <br />40,000 <br />Impact to Annual <br />Maint/Operating Costs <br />1 <br />Description and Justification: <br />Downtown Louisville <br />Public Parking <br />®Rn RestrIdlfnni <br />�L: City. <br />Louisville <br />Description & Proposed Funding: <br />Equipment/Project Description: <br />Funding to perform a feasibility study of locating, financing, <br />constructing and maintaining a downtown parking structure. Have a <br />parking consulant seek community input and analyze locations for <br />such a structure, conceptual drawings, construction estimates, <br />revenue estimates, maintenance costs, ownership <br />structures/partnership feasibility. <br />Cost allocation methodology for projects with more than one <br />funding source: <br />The proposed funding is 50% City and 50% from the Louisville <br />Revitalization Commission. The LRC is charged with encouraging <br />redevelopment in the Urban Renewal Area and having additional <br />parking supply in downtown removes barriers to development. <br />Project revenue or grants, if any, the will support the project <br />and the impacts to the operating budget: <br />A parking structure, if constructed, will generate new revenue for the City. Results <br />of the study will help estimate the projected revenue. The study will also estimate <br />maintenance costs which would become ongoing operational budget expenditures. <br />Justification: <br />Why is this equipment or project needed? <br />Downtown Louisville is experiencing parking limitations both for on -street and off-street spaces. As the popularity and interest expands for <br />How does this project promote Program Goals? <br />Downtown parking supply is putting stress on retailers, restauranteurs, employers, and property owners as residents and visitors are having trouble <br />What impact will this project have on the Key Indicators for this Program or Sub -Program? <br />Downtown properties may be able to facilitate additional job growth <br />What is the return on investment or cost/benefit for this project? <br />This study is intended to identify return on investment and cost/benefit metrics for a parking structure <br />What alternatives to this project have been considered? <br />continued surface parking expansions 72 <br />