AgdaPkt 2015-10-12 Closed and Joint SA and PFA

Browse Search

6.3.B. - Page 3 • Our March 2014 analysis (CDM Smith) evaluated sites for a new parking structure Downtown. The construction cost at these sites ranged from $31 ,100 to $52,600 per parking space. The following table outlines the cost per in-lieu fee space in nearby cities: Table 1: Parking In-Lieu Fees in SF Bay Area City In-Lieu Fee (per parking space) Berkeley $15,000 - $30,000 San Mateo $12,000 Mountain View $26,000 Oakland $20,000 Palo Alto $63,848 Walnut Creek $32,000 Source: Redwood City In-Lieu Parking Fee Study(TJKM, September 2015) Staff recommends setting the in-lieu parking fee at $25,000 per parking space. Although this is a 250% increase over the existing fee, it is within the range charged by nearby municipalities (Table 1). Additionally, it more closely covers the cost of providing structured parking without discouraging developers/ property owners from choosing to pay the fee when it is appropriate for their project. Updating the fee at this time will allow the new fee to apply to several projects that have recently been approved or are pending consideration. As noted above, staff will return to the Council soon for additional direction related to other program attributes (how funds can be spent, where to spend funds, etc.). Additional in-lieu fee increases can also be discussed at that time if appropriate. ALTERNATIVES Council may choose to: • Modify the amount of the In-Lieu Parking Fee, or • Not modify the In-Lieu Parking Fee. FISCAL IMPACT The fee update should not change the cost of managing the In-Lieu Parking Fee. As projects take advantage of the option to pay the In-Lieu Parking Fee, the revenue that the City collects will increase in proportion to the fee increase. ENVIRONMENTAL REVIEW As the lead agency under CEQA, the City of Redwood City has determined that the action recommended in this staff report does not constitute a project as defined by the