At tonight’s Council meeting, the City Council will discuss a proposal to raise the yearly parking fee at the downtown garage on Knox Road.
Currently, the municipal parking garage monthly permit fee is $80/month. The current market rate for off campus structured parking space is $125/month, as charged by both Landmark and Terrapin Row. The City currently sells monthly permits for 125 of the 288 spaces in the garage.
There is a high demand for monthly garage parking permits, as there is insufficient parking space available to meet demand in the new apartment buildings. There are peak times when additional hourly parking space in the garage is needed. (Hourly parking is sold for $0.75 / hour ). Staff recommends raising the monthly garage permit fee to market rate of $125 per month, and reducing the number of monthly spaces available from 125 to 100.
There will be a net revenue gain of $2,500/month for monthly garage permit fees for approximately 9 months of the year, equaling $22,500 annually.
Staff is also suggesting to establish pay to park’ zone around the Terrapin Row Development, as the best practice for managing customer, visitor, and resident parking around this development. The parking fee will be the same as other City metered and ‘pay to park’ spaces, at $0.75/hour.
Staff has proposed that on-street parking in this area be changed from biannual/annual residential permit parking zones (11 and 11A) common to R-55 zones of single family housing, to monthly permit parking zones, similar to the Knox Road monthly permit program adjacent to the College Park Towers.
It is proposed that both permit zones 11 and 11A be changed from bi-annual/annual residential permits sold for $10 bi-annually/$10 annually, to monthly on-street parking permits sold for $60/month. There are approximately 110 on-street parking spaces on Hartwick Road, Guilford Drive, Cornell Avenue, and Rossburg Drive combined, which are proposed to be converted to monthly permits to be sold at $60 / month, slightly less than half of the proposed monthly garage permit fee. Estimated annual revenue for 110 spaces would increase from $1,100/year to $59,400 for 9 months of the year.