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��- 3 the price must be calibrated to the lowest level which will ensure a 15% vacancy rate. If the vacancy rate is lower than 15%, then the parking is overused and retail customers cannot find the convenience that they desire, resulting in cruising traffic and frustration. If the vacancy rate is higher than 15% then the parking is underused, meaning that a precious resource is being � wasted because people aren't willing to pay the price. The market-rate approach says simply that if the vacancy rate is consistently below 15% that prices must be adjusted up. This will encourage long-term parkers and bargain hunters to find less expansive spaces on side-streets or in gara�es. Likewise, if the vacancy rate is above 15%, then the price must be adjusted down, in order to attract more users and ensure adequate use of the parking. ' Recommendation #3: Switch meters in the core area to computerized pay-by-space models. Staff anticipates that the market-price in the heart of Downtown during the busiest times will be somewhere between 50 cents to $1 dollar per hour, based on the experiences of other cities such as Burlingame and Pasadena. While most people wouldn't consider that a lot of money for a convenient curb parking spot right in front of a desirable destination, tney may mind the amount of quarters that they would need to carry around to pay that price at a conventional meter. To adapt to this reality, staff recommends converting curb parking in the heart of Downtown to computerized pay-by-space meters. These meters replace up to ten conventional meters and can be equipped to accept coins, dollar bills, credit cards, and Pre-paid smart cards. They also have the benefit of easier enforcement, better urban design, and improved data collection. They also run on solar power and feature wireless internet connections, requiring no wiring for power or communications. This system is estimated to cost between $150,000 and �200,000 based on discussions with equipment providers. It is proposed that the cost of this equipment be paid by the parking funcl. Recommendation #4: Dedicate some future surplus meterrevenue to Downtown improvements. By raising meter rates and extending the hours of operation of the meters to match our new busy periods, more revenue will be generated. The main purpose of parking meters is not to raise revenue for the General Fund, but to manage the use of prime spaces and to provide funds for the parking system so that it remains self-sufficient and does not require any additional money. This revenue will allow the entire Downtown parking system to operate free of assistance from other funding sources. In addition, staff anticipates some surplus in the parking fund upon the implementation of the recommendations currently before the Council. . Pasadena. California developed an ingenious way to use thes� funds while attempting to add meters to the streets of Old Pasadena in 1993. Meters were needed to manage the parking supply and create vacant spaces, but merchants were opposed to the idea. The City then offered to dedicate all surplus revenue to the purpose of improving Old Pasadena with new lighting, extra foot patrols, new street trees, alley repaving, and other unmet needs. The merchants agreed, and the program has been a major success. While there have certainly been other factors behind Old Pasadena's revival, an additional $1 million of improvements per year from surplus meter money has definitely been a major help. After the meters were installed, Old Pasadena rose from being one of the City's poorest performing retail districts to the best (in terms of retail sales tax revenue generated for the City). By focusing surplus parking revenue to assist Old Pasadena, the City of Pasadena was able to get the political support to properly manage its parking and it generated financial benefits for the City too, by increasing retail performance (and sales tax) in Old Pasadena. RECEVSHARED_2005 STAFF REPORTS_06-2005_Staff Report Parking Management Plan 06-06-05 3 DZ ce