Laserfiche WebLink
<br /> 8A <br /> Page 35 <br />Canyon Drive, (Palm Springs') main drag." Concord, California also uses a reduced fee, and <br />charges developers $2,500 per space. <br />It is recommended that the initial fee be set below the actual cost of providing new parking <br />spaces in a new above-grade garage on an existing City parking lot, which is estimated at <br />$20,000 per space. This is due to the fact that there are many opportunities to create parking <br />spaces below this cost through more efficient configuration of on-street parking on many <br />Downtown streets. The recommended initial fee is $10,000 per space. This fee will be very <br />attractive to developers and investors, but it is still greater than the City's true cost of <br />reconfiguring on-street parking, and thus should be a vl?ry good stimulus to development in the <br />early stages of the Downtown revival. <br />After these inexpensive parking creation opportunities (which are estimated to be 50 to 75 <br />spaces) are exhausted, staff will return to the Council to discuss whether an increase to the fee is <br />necessary. The advantages of a Reduced Fee as discussed above may compel the Council to <br />retain the below-cost fee. If this is done, then when the time to construct a new parking garage <br />comes, the difference can be made up from revenue bonds which are repaid by revenue from the <br />new parking facility. Or, a Real Cost fee may be adopted at that time, depending on the <br />preferences of the Council and the Downtown development climate at the time. <br />Staff Recommendation for the Creation of an In-Lieu Parking Fee Program: <br />Applicability: Optional! Discretionary <br />Initial Fee: $10,000 per space <br /> " <br /> '1>tl~~ 2g <br /> h_,".. .__.~,~.". _..._.~.. . .......,,____._.._'u_ _____....__._._________..._',_ .__~,__ __.__.___ _______.._._ ..__ ._. <br />