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Financing Future Parking Growth

Financing Future Parking Growth. Options For Financing Parking In Accordance With The 2005 Walker Parking Consultants Findings And Recommendations. Pertinent Facts. Today parking is a self supporting subsidiary with only two sources of revenue: Permit Sales Citation Revenue

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Financing Future Parking Growth

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  1. Financing Future Parking Growth Options For Financing Parking In Accordance With The 2005 Walker Parking Consultants Findings And Recommendations

  2. Pertinent Facts • Today parking is a self supporting subsidiary with only two sources of revenue: • Permit Sales • Citation Revenue • Parking is a UNIVERSITY RESOURCE being used by the community but paid for by faculty, staff, and (primarily) students

  3. More Pertinent Facts • Approximately 800,000 tickets are sold for events on campus each year • Estimated 68,000 USA concert/Performing arts • Remaining 732,000 are football/basketball/baseball • Parking does not get any event parking revenue • Federally funded parking does not contribute to system • Park and Pay operations are not universally distributed across campus today

  4. Option 1: No parking growth and continue with current parking and price structure (3% cost of living increase only) • Easiest option to implement...parking permit prices will only keep pace with inflation • Doesn’t allow for conditions during MS Freeway construction...700-900 cars per day could come to us for parking • Doesn’t allow for SGA altering off campus bus service ...average daily ridership of 3,500+ per day

  5. Option 1:Effects on permit price

  6. Option 2: Plan/construct 2nd parking garage and expand satellite parking using only existing sources of revenue with expanded park and pay • Permit prices go up significantly over several years • Students bear brunt of increase • Lower paid employees may not be able to keep up • Parking in commuter/satellite seen as negative • Across the board flat rate increase • Achieving parity sends FS rates up even more

  7. Option 2:Effects on permit price

  8. Option 3: Plan/construct 2nd parking garage and expand satellite parking using additional sources of revenue and 5% across the board rate increase • $2 per ticket parking surcharge on every event ticket sold on campus • Excludes student discounted tickets • 2nd level benefits of surcharge • Events not selling tickets handled on case-by-case basis • Income from “Park and Pay” machines is generated after first year

  9. Option 3:Effects on permit price

  10. Option 4: Plan/construct 2nd parking garage and expand satellite parking using parking surcharge revenue and raise permit to ‘near’ market rate by 2009 • Answers Walker Parking’s recommendation to increase parking rates • Achieve parity between F/S and Student • Set all rates at “market value” • Three models considered: • Residence Halls as pivot point (much too low) • Satellite parking break even as anchor point • A ‘happy medium’ where satellite is capped at arbitrary $100

  11. Option 4: Parity and Satellite Break-Even Effects on permit price

  12. Option 4: Parity and $100 Satellite CapEffects on permit price

  13. Option 5: 3% cost of living increase, event surcharge for non-athletic events, expanded park and pay • Will be unpopular with Visual and Performing Arts • Generates, at most, an additional $120,000 revenue • Will not fund additional surface parking or garage debt service

  14. Option 5:Effects on permit price

  15. Options 1 through 4:Bottom Line Comparison

  16. Recommendation • Adopt Option 3 • Event parking surcharge • Expanded park and pay • No more than 5% increase in permit prices • Makes all parking fall under one department • Solves issue of who pays for shuttles for athletic events • Provides latitude to charge CVPA less for their events

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