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£l-..-~ <br />EZivcr <br />Downtown Parking Study <br />The city should discuss the school district's plans for the <br />administration building property. A surface lot on the school district <br />property should be viewed as land banking, and not as a <br />permanent downtown parking solution. As the downtown <br />continues to develop, and new developments are constructed on <br />available parcels (typically surface parking lots), a parking structure <br />may be needed to provide for future parking demands. <br />Alternatively, those spaces could be included within the new <br />developments. <br />The creation of a downtown parking structure should be viewed as <br />an option for the future. Today, a downtown parking garage will <br />likely not be financially viable, relative to the revenues and <br />expenses generated. However, the value of a parking garage <br />could extend beyond any revenues it generates by providing an <br />incentive for downtown development. Ideally, the development of <br />a downtown parking garage would coincide with the <br />development(s) it is serving. Building a parking structure with the <br />hope of attracting downtown development should only occur if <br />sufficient downtown development warrants. Should developments <br />not occur, a garage built on speculation could result in a severely <br />underutilized facility. If a developer is interested in developing a <br />portion of downtown, and sufficient parking supplies cannot be <br />provided using other methods, then the city could propose <br />providing the necessary parking along with the construction of the <br />development. <br />Other revenue streams for the municipal parking system should be <br />explored. First, the city could seek the use of tax increment <br />financing in the future. This would be a way to fund parking system <br />expansion, and is used by many communities today. Second, the <br />city could team with downtown developers in funding public <br />parking facilities. Assuming the future demand patterns are <br />favorable, a multi-use facility could help reduce city expenses. <br />Finally, the city could create a parking fee charged to downtown <br />developers to help fund the additional parking facilities. <br />September 2007 <br />Carl Walker, Inc. <br />46 <br />