Parking Garage Financials – Key Points
Garage vs. Surface Lot
- Garage: $31,490/space
- Surface Lot: $56,624/space
- Due to the unimproved status the lot still requires surfacing, drainage, striping, kiosks, landscaping and screening
Enhancements to Increase Revenue
- Parking Permits (Resident $25, Non-Resident $150)
- Special Event Parking (Double Hourly Rate)
- Increased Enforcement/Restrictions
- Extending Time from 6pm to 8pm
Parking Program Projections
- Conservative off-street meter revenue based on current numbers; demand haircuts to reflect changes in hourly rate and addition of a garage
- Allows reduction of 150 spaces from waterfront, with a net addition of 75 spaces
- Allows for continued investments in downtown at a minimum of $150,000 in year 1 to $600,000 in year 10
- Maintains a fund balance greater than annual gross revenue at all times
Garage Projections
- Per stall revenue for the garage is estimated at ~$1,000 in year 1 and ~$2,000 in year 2; other regional garages generate $3,000-$4,000 per stall
- Assumes lot is filled 40% during winter, 60% in fall/spring, 80% during summer and 100% during special events
- Assumes 24/7 operation
- Mixture of transient parking and monthly passes will maximize revenue
State & Federal Funding
- Federal/state funding for >50% of the project
- $5M state grant was awarded in July 2015 tying up state dollars for 2+ years
- It is unclear if failure to proceed with the grant may diminish the City’s standing with the state/federal gov’t, especially MassDOT, and risk access future funding