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<br />7E <br />1. Provide excellent customer service: A key element in improving customer Page 2 <br />satisfaction is to simplify the parking program. The current meter rates and times <br />are perceived as complex and confusing to some customers, and quite challenging <br />to describe in brochures and communiques. Providing a two-rate system, <br />$0.25/hour or $0.50Ihour, simplifies the rate program and also provides a positive <br />rate adjustment from the customer's perspective. <br /> <br />2. Support economic development: Redwood City's downtown continues to ramp up <br />after a long construction period. A vibrant retail climate is an essential component of <br />a successful downtown. As potential retailers investigate business opportunities in <br />downtown Redwood City, they consider all factors that attract or deter customers. <br />Convenient, accessible, and competitively-priced customer parking is a requirement, <br />from a retailer's perspective. Providing free on-street parking after 6:00 PM <br />throughout the downtown core increases the time that free parking is available, not <br />only simplifying the overall parking schedule and program but also providing a <br />competitive price structure in comparison with neighboring cities. <br /> <br />3. Ensure fiscal responsibility: Parking fee revenues are used to manage and maintain <br />the downtown parking facilities. It is important to establish parking rates that meet <br />the maintenance expenses and financial objectives of the parking program without <br />being profit-driven. <br /> <br />4. Optimize parking management: Establishing the correct parking prices to achieve <br />and maintain a 15% parking vacancy rate eliminates "cruising" for parking spaces. <br />This is the fundamental concept of a market-driven pricing system and the most <br />effective tool for managing on-street parking. The proposed adjustments respect <br />this principle and provide a two-rate system ($0.25/hour and $0.50/hour) to manage <br />and monitor the vacancy rate in the downtown core area. <br /> <br />If the recommended ordinance changes are approved, staff will next focus on the <br />marketing of the new program, including the following: <br />1. Highlight the times and locations of downtown free parking in all maps and <br />brochures. <br />2. Distribute the brochures during downtown events, via downtown merchants, and in <br />utility bill mailings. <br />3. Introduce the new improved parking program in local newspapers and on the City's <br />website. <br />4. Post locations of free parking on digital meters and in parking lots and garages. <br /> <br />AL TERNA TIVES <br />1. Do not amend the ordinance. <br />2. Direct staff to provide additional information, data and/or options for Council <br />consideration. <br /> <br />FISCAl IMPACT <br />An estimated $50,000/year reduction in Parking Fund revenue is associated with this <br />recommended ordinance change, based on the average occupancy rates between <br />November 2007 and February 2008. Taking this change into account, staff has <br />projected annual shortfalls in Parking Fund revenues ranging from $1 ,200,OOO/year to <br />$700,OOOlyear for the next four years, and will recommend via the city budget process <br />that the Council consider using General Fund reserves to balance Parking Fund <br />revenues and expenditures until the program is fully optimized and in balance. <br />