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

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6.3.B. - Page 13 TJKM Transportation Consultants 0 In-Lieu F Pm- 0 t Since the ee program rogra inception 206 o 10 2015 years ago, Redwood City has received $410,000 in fee payments in lieu of 41 parking spaces that were required by the zoning code and not built by the developers. Applications for another 175 parking spaces have been approved, but the fees have not yet collected. Details of these fee payments are shown on Table 2.As of March 2015, the fund balance is approximately$438,100 including interest. Due to the City code requirement restricting use of C..) these funds exclusively for creating new parking and insufficient fund balance to build new facilities, no monies have been spent. Table 2—In-Lieu Parking Fees Collected,or Anticipated,Since 2006 # Project Address Land Use Fiscal Year #of In-Lieu Fees Sp aces Collected Collected WiiliZil 1 2411 Broadway Avenue Retail 2006-07 3 $30,000 2 2606 Broadway Avenue Retail 2006-07 1 10,000 3 2420 Broadway Avenue Retail 2007-08 6 60,000 4 1000 Marshall Street Medical 2009-10 6 60,000 5 2411 Broadway Avenue Retail 2009-10 1 10,000 aiku 6 935 Main Street Office 2010-11 _ 7 70,000 7 801 Hamilton Street Mixed-use 2011-12 11 110,000 8 801 Hamilton Street Mixed-use 2012-13 6 60,000 I SUBTOTAL 41 $410,000 Anticipated 9 550 Allerton Street Office 2015-16 60 $1,500,000 10 815 Hamilton Street Mixed use 2015-16 115 $350,000* TOTAL 216 $2,260,000 *Fee amount set in development agreement Although no money has been spent from the fund balance, approximately 75 new parking spaces P were created along Winslow, Bradford, Marshall and Pennsylvania primarily through striping changes. An additional 31 spaces were made available to the public at the Library Lot C.To a certain extent, addition of these spaces has helped alleviate the increased parking demand over the last decade. Future Demand Recently, the requests for in-lieu fee payments have increased significantly.This can be attributed to a number of reasons. p" Solid Economic Conditions The historic recession that started in 2008 and bottomed in 2012, was followed by a very sharp rise in real estate prices, resulting in an infusion of new development activity not seen for many years. As developers are rushing to get their long-delayed projects through the permitting processes,they SR are increasingly considering ways to speed up the process and to make the maximum use of available footprint for the actual development and not for parking. Redwood City In-Lieu Parking Fee Study Page 16