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O�/9' �3'� <br /> The city installed the parking meters in 1993 and then immediately borrowed $5 million to finance <br /> the "Old Pasadena streetscape and alleyways project," with the parking meter revenue dedicated <br /> to repaying the debt. The bond proceeds paid for street furniture, trees, tree grates, and historic <br /> lighting fixtures throughout the area. Dilapidated alleys were turned into safe, functional walkways <br /> with access to shops and restaurants. <br /> In 2001, Old Pasadena's 690 parking meters yielded $1.3 million, or $1,867 per meter. The <br /> parking meter zone earned additional revenue from valet parking services that use meter spaces, <br /> as well as from investment earnings on the meter fund balance, so the total revenue was $1.4 <br /> million ($2,096 per meter). The total capital and operating expenses for collecting the revenue <br /> amounted to $383 per meter (18 percent of total revenue}. Old Pasadena therefore received $1.2 <br /> million of net parking revenue ($1,712 per meter) to fund additional public services. <br /> Conclusion <br /> By using all of the tools available to us, we can ensure that pazking in the new Downtown <br /> Redwood City is a pleasant experience. Our constrained parking supply and the high levels of <br /> activity that we will be experiencing are making it necessary to charge market-rate prices for <br /> parking. This means that there will no longer be free curb parking in the core. In return for <br /> paying the fair mazket price, however, we are able to give much back to the customer: <br /> 1. 1 in 8 spaces always available <br /> 2. No need for a pocket full of quarters <br /> 3. Refunds for unused time <br /> 4. No ticket anxiety for those who pay <br /> 5. No "90 minute shuffle" <br /> 6. No cruising <br /> 7. No more parking meter "picket fences" <br /> 8. Some funding for street cleaning, security, lighting, and other powntown needs <br /> Staff believes that this is a fair trade. Our workshops with Downtown merchants, property <br /> owners, and other stakeholders indicate that many in the community feel that this is a fair trade <br /> a1so. Implementing this plan will be much more difficult to do than leaving the system as it is or <br /> only making minor modifications, but staff feels that it is necessary to undertake these actions in <br /> order to meet the challenges ahead. <br /> paste 25 <br />