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SUBJECT: DOWNTOWN PARKING IMPROVEMENT FEE <br />DATE: MAY 9, 2017 <br />PAGE6OF7 <br />Lafayette recently established a parking cash -in -lieu fee in 2016 at $12,000 per <br />space. <br />Proposed Fee <br />Considering all the factors noted above, and as a starting point for the discussion, staff <br />proposes the Parking Improvement Fee be set at $13,000 initially and increase <br />according to the following schedule: <br />Year Parking Improvement Fee <br />2017 $13,000 <br />2018 $14,000 <br />2019 $15,000 <br />Annually Previous year amount x Denver All Item CPI <br />(CPI increase from 2018 to 2019) <br />Staff believes setting the fee initially at $13,000 per space strikes a balance between <br />the benefits of encouraging buying into public parking by developers and the City's <br />increased responsibility to provide parking solutions. <br />Staff presented this information to the newly reorganized Business Retention and <br />Development (BRaD) Committee on May 1, 2017. The BRaD Committee members <br />expressed concern that the increase was high compared to the current rate and that <br />putting the Fee at $13,000 per space would deter projects from proposing to pay the <br />fee. Also, they suggested the discussion of the correct amount of the Parking <br />Improvement Fee should be informed by information and recommendations that will <br />come from the future planned parking analysis. Members also suggested that if the Fee <br />is set significantly higher than the current $3,600, then a parking plan should be in place <br />to outline projects where the Fee would be spent and those paying the Fee could <br />understand when and where they could expect to see the parking that would be created <br />with the Fees they pay. Members of the Committee also suggested that because the <br />current Fee is so much lower than the actual cost of providing parking spaces, it would <br />be reasonable to increase the Fee by some amount, until the City has the results of the <br />parking analysis and adopts a parking plan clarifying how Fee revenue would be <br />invested in parking facilities. <br />FISCAL IMPACT: <br />Unknown: setting a new Parking Improvement Fee amount does not generate revenue <br />to the City until a project is approved and pulls a building permit for the project requiring <br />additional parking. Parking Improvement Fee revenue is deposited in the City's Parking <br />Improvement Fund. <br />COUNCIL COMMUNICATION <br />