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i a. <br />12 <br />A reserved parking permit rate of $70 /month, an unreserved rate of $45 /month and a daily rate of <br />$2.50 is recommended. Staff recommends slightly lower rates as the goal is to increase the <br />permit holders from the current 112 to 210 and attract 93 additional long -term parkers to the top <br />deck, while still covering the costs of operation and maintenance. Rates will be increased over <br />time to reflect demand from greater activity downtown and new development. <br />Former Garage Temporary Parking New Garay <br />Reserved Permit Fee $80 $50 $70 <br />Unreserved Permit Fee $70 $30 $45 <br />The unreserved permit rate is set such that it is the same cost as a parking ticket. The daily rate is <br />set such that it is equal to the unreserved permit rate, encouraging the office employees to <br />purchase a permit and park in a covered space, leaving the top deck for retail employees. <br />Assuming 150 permits for the 210 permitted spaces will be issued, and 80% of the 93 daily rate <br />spaces will occupied, the estimated annual revenue is $156,000. Assuming the garage is at full <br />capacity and 236 permits are issued, the estimated annual revenue is $196,000. <br />Revenue assuming the occupancy levels detailed above should the permit parking fees return to <br />the $80 /month for reserved and $55 /month for unreserved is estimated at $178,000 - $225,000 <br />annually. <br />Recommendation <br />Staff recommends the Facilities and Transportation Commission direct staff to bring the <br />proposed reserved parking permit fee of $70 /month and the unreserved parking permit fee of <br />$45 /month to the City Council for adoption. <br />G:\OBD\Files RDAVoint Project AreaTstudillo Garage - 2008 BondlNew Garage Rates etclGarage Rates Memo.doc <br />