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6.3.B. - Page 15 <br /> TJKM <br /> Transportation <br /> Consultants <br /> 0 , - <br /> i <br /> kilii 11 1 ts 550 Allerton Street— " "y. A *r, <br /> Approved office A' r <br /> building (In-Lieu Fee i , " _ <br /> Payment for 60 spaces) <br /> a <br /> - eC]1Q,Q1�1 <br /> ariku <br /> _ ,_ IN --.1 <br /> . • <br /> 815 Hamilton Avenue-Approved <br /> ti Ai ini ® office & retail development <br /> i � ' (In-Lieu Fee Payment for 115 <br /> NI NM in <br /> spaces) <br /> 14: <br /> A 2013 report on the Redwood City Parking Program estimated a shortfall of 73 spaces during the <br /> weekday peak demand during the current period of construction. However,the predicted weekday <br /> midday parking shortage has not materialized and there continues to be an adequate supply of <br /> weekday parking.Although downtown parking conditions have changed since the study's <br /> completion, it is appropriate to predict that accepting in-lieu fee payments for the 450 (175 from <br /> approved projects+275 of requests)spaces identified above could generate the shortfall identified <br /> in the 2013 study if no additional parking spaces are constructed.The current fund balance and <br /> other potential revenue sources are short of the actual costs of building new, structured parking <br /> facilities. Revising the "per space" fee and expanding the toolkit to include numerous <br /> transportation and parking related strategies are therefore very critical to maintain a healthy <br /> parking supply/demand balance and to preserve the vibrancy of the downtown Redwood City. <br /> Redwood City strives to improve its In-Lieu Parking Fee Program such that it remains an option for <br /> developers and becomes more effective at addressing transportation and parking needs.The City's <br /> Community Development Department staff, Economic Development+ Downtown Subcommittee <br /> and Parking Advisory Committee have discussed this matter and fully support exploring meaningful <br /> revisions that will improve the overall effectiveness of the program without diluting its <br /> attractiveness to the developers.To that end,the City has identified several key issues for further <br /> A analysis and refinement. Each of the following issues captures Redwood City relevant information, <br /> experiences of other jurisdictions with similar dynamics and recommendations. <br /> Redwood City In-Lieu Parking Fee Study Page 18 <br />