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Downtown Parking <br />LCity <br />Louisville <br />COLORADO •SINCE 1818 <br />Parking Constraints <br />• Additional public surface parking would likely require <br />building removals. <br />• All private parking stalls are utilized to satisfy the <br />building's parking requirements, limiting City purchases of <br />existing spaces. <br />• Land prices in downtown are above $50 per square foot. <br />• Free parking in downtown limits funding pursue <br />additional parking supply solutions. <br />• Downtown property owners contemplating <br />redevelopment identify satisfying their parking <br />requirement as a major barrier in advancing a project. <br />Downtown Parking <br />Cit <br />L `s <br />Lou .ville <br />I��LA,li 1!ri± VNi! U,7s <br />• Multiple sources likely needed to make a <br />structure a reality <br />— City CIP Funds <br />— Parking Fee -In Lieu payments <br />— LRC TIF Funds <br />— BID District <br />— Parking Fees <br />Downtown Parking <br />LCity,, <br />Louisville <br />0,./1S RADO•,!NC(' Irih <br />Questions????????? <br />Discussion <br />Downtown Parking <br />8/23/2016 <br />LLouisville <br />COLORADO•SINCE 1878 <br />• A parking structure will be needed to achieve <br />significant supply additions <br />• Structures are obviously expensive <br />• For a 300 space structure; <br />— $8,250,000 cost ($27,500 per space) <br />— $150,000 annually O&M ($500 per space) <br />• $705,000 annually for Capital, O&M <br />City,,, <br />Downtown Parking Louisville <br />0,1.41[1A!14, +1N1:1 1,7- <br />• Parking Fees <br />— Downtown Louisville has free, time restricted <br />parking regulations, <br />• residents, businesses, employees, and visitors <br />appreciate. <br />— The revenue would help fund the investment <br />— Encourage parking to the desired locations for <br />particular parking needs. <br />L`! Ciity„, <br />Louisville <br />COLORADO "SINCE 1878 <br />BRaD Committee <br />Downtown Retail <br />Discussion <br />August 1, 2016 <br />2 <br />