Revitalization Commission Agenda and Packet 2016 12 12

Home Browse Search

Exhibit 2 — Feasibility Study Requirements The information gathered from the study will be used to help the project partners identify which locations(s) may be appropriate for construction of a new parking garage(s). The City anticipates that the feasibility study will need to address: Size: Prepare a needs assessment matrix and sizing model based on the number of parking stalls needed by local businesses, Lighthouse Park users, Washington State Ferries, Island County Commuters, Port of South Whidbey, and any others identified through the initial sizing and parking stall turn over analysis. Sound Transit completed a Station Access Study in September 2012, which identifies the parking need for Sounder patrons and is recommended to be used as reference for this analysis. It is anticipated that the selected consultant team would gather this information through a series of interviews or joint meetings with various interest groups. Location: Using the pre -selected site map as a starting point at least six sites shall be initially selected for consideration then narrowed down to three to be included in the final analysis. On the three selected alternatives, a parking garage footprint shall be drawn to scale on aerial maps to show the impact to adjacent properties. The analysis shall also include a typical floor plan with an estimated number of parking spaces that can be provided per floor based on the parking garage footprint and zoning by location. As part of the location analysis, any and all property encumbrances such as easements, covenants and restrictions shall be identified and included in the site priority and selection process. Massing Diagrams: Prepare 3D block renderings or other visual aids that replicate the approximate massing of the proposed parking structures at each site that meet current zoning and bulk dimensions including: height, setbacks, bulk, and scale. This is not a design exercise, but a basic site analysis that should address massing, potential ingress/egress, and circulation. Mukilteo Municipal Code 17.20 contains the bulk Downtown Business District bulk regulations and 17.25A contains the design standards for the DB district. Mukilteo Municipal Code Chapter 17B contains the City's Shoreline regulations. Cost Recovery Analysis & Funding Opportunities: Neither the City nor our partners are in the parking garage business, therefore the selected consultant will need to identify creative strategies to fund and operate the parking garage. This overall funding strategy must be flexible enough so that it can be applied to any of the selected sites. The funding strategy should include a pricing strategy, demand assumptions, over sell assumptions, operating expenses, escalation factors, public/private partnerships, bonding, potential tax revenue, and/or other successful funding strategies known by the consultant to make the parking garage economically feasible. The pricing strategy should consider Sound Transit's current policy of not charging Sounder commuters for parking. Cost / Benefit Analysis: Based on the information gathered during the site analysis phase of the project, a preliminary cost estimate for each parking garage site shall be prepared. This cost estimate shall be used to determine a cost -benefit factor of building a parking garage at each of Parking Garage Feasibility Study ILA AB 2015-46.docx 4