City Council Study Session Agenda and Packet 2017 05 09

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SUBJECT: DOWNTOWN PARKING IMPROVEMENT FEE DATE: MAY 9, 2017 PAGE 5 OF 7 can treat all developers equitably. 5. Historic Preservation. The in -lieu policy makes it easier to preserve historic buildings and rehabilitate historic areas by allowing for alternative locations of parking garages. Because of these benefits, cities typically do not charge an in -lieu fee that equals the full cost of a parking space. How much it is reduced is a political decision made after considering the benefits of having parking in -lieu fees to fund public parking, as well as to the pros and cons associated with constructing and maintaining public parking assets. Advantages and Disadvantages to Owning Parking In addition to the community benefits noted above, Council should also consider the advantages and disadvantages to the property owner of paying a Parking Improvement Fee instead of constructing parking spaces that are controlled by the property owner. If the fee is set too high, the disadvantages of the property owner not directly controlling the space may influence the property owner to construct the required spaces themselves and the City will forgo the community benefits. For the property owner, paying a parking improvement fee would enable them to avoid the otherwise required effort and expense associated with securing the land needed to construct parking spaces and the ongoing expense associated with owning and maintaining those spaces. On the downside, not directly owning the spaces means the spaces may not be as conveniently located as they might be, and if the City does not restrict the spaces to specific users or allows the parking system to be oversubscribed, they may not be available when the property owner or their customers want them to be. The price of the parking improvement fee should reflect these considerations. Neighboring Communities Approach to Downtown Parking Requirements Neighboring cities handle downtown parking requirements in a variety of ways. Below is a summary of neighboring communities with downtowns that have implemented parking solutions, and if applicable, their current parking in -lieu fee. Boulder, Longmont, and Littleton - Do not have downtown parking requirements. Arvada requires off-street parking requirements to be met on-site but has opportunities for projects to receive reductions in the amount of required parking. Breckenridge - $19,236 per space and increases annually by the Denver CPI. Durango - 100% of the construction cost for a structured parking space (determined at the time of the project). Golden - 100% cost of a structured space as determined by the City Engineer plus administration and maintenance costs if the applicant desires to have sole use of the spaces. If project is willing to have non-exclusive use of parking spaces, fee is 50% cost of a structure space. The fee is determined at the time of the project. COUNCIL COMMUNICATION