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City Council Minutes September 17, 2007 Page 2 4. en e • garen Atda, owner 313 Jackson Avenue -indicated that she had a potential tenant withdraw due to the uncertainty of the parking situation. Ms. Attia explained that when they purchased the property there was assigned parking spots for their tenants which have since been taken away. She noted that to the best of her knowledge, all of the other apartments downtown have designated parking spots. Ms. Attia urged the Council to consider allowing her tenants to pazk overnight in the King Avenue pazking lot. 5.1. Check Presentation from C~xeater Minnesota Credit Union Parks and Recreation Director Bill Maertz stated that the Greater Minnesota Credit Union has agreed to sponsor the Rivers Edge Commons Movies in the Pazk series. He stated that as part of that sponsorship, they have agreed to contribute $4,000 towards the purchase of an inflatable movie screen Representatives from the Greater Minnesota Credit Union presented the Mayor with a check in the amount of $4,000.00. Mayor Klinzing thanked the Greater Minnesota Credit Union for their contribution. 5.2. Downtown Parking Study Director of Economic Development Catherine Mehelich provided background information on the downtown parking study. Pursuant to due call and notice thereof, the special meeting of the Elk River Housing and • Redevelopment Authority was called to order at 6:40 p.m. by Chair Wilson. Bill Suma, Parking Specialist/Studies Specialist fox Carl Walker, Inc. reviewed the downtown parking srudy as outlined in Ms PowerPoint presentation. Some of the highlights are as follows: • The existing supply within the study azea is approximately 745 spaces. To operate efficiently a parking system should have an operating cushion of spaces. To accommodate this cushion an effective supply factor is commonly used when comparing supply versus parking demand. The existing effective supply is judged to be about 664 parking spaces, of about 89% of the actual supply. • Occupanry counts were conducted on Wednesday, June 20, 2007, prior to the new permitting system. During the survey period the overall peak occupancy was about 50%. The 50% occupancy level was relatively steady from 9 a.m. to 1 p.m. • It appears that the shorter term parking spaces are being used as intended as the turnover rates ranged from 3.2. to 3.9. • Existing demand for parking spaces, after adjusting fox the large number of constmction personnel currently working in downtown, is estimated at about 330 spaces. Demand is estimated to rise to 460 spaces once the two new developments aze fully occupied. • Parking surplus is currently estimated at 284 parking spaces. This number is estimated to drop to 168 spaces once the two new developments are fully occupied. •