Moving to structured parking is another effective way to consolidateparking. Ensuring that the environment is right for a parking structureis a pre-cursor to any development. Specific actions include:
No free parking in the area.
Monthly garage passes cost $75 per month.
Revenues increase or expenditures decrease 3% annually.
Parking availability rates of 15% or less.
Annual retail lease rates range from $10 to $22 per gross squarefoot.
Retail/commercial located on the first floor of parking structure.
Short-term parking within 3 to 4 blocks of parking structure isaltered to long-term or priced to drive individuals to the parkingstructure.
Parking structure has a close proximity to multiple uses (24-hours).Both the Mills and Mills property and the DOT site should be explored aspossible future parking structure locations. Finally, City codealterations should be made to discourage the continuance of surfacelots within Downtown and the overbuilding of new parking supply withnew development.Implementation of these strategies should occur following City Councilapproval of the
Strategic Business Plan for Downtown Parking
. Thelong-term viability of this plan is attached to the financial position ofthe PSA. Expenditure policies for the PSA are prioritized as follows:1.
Debt service for existing facilities.2.
Maintenance and operation of existing facilities.3.
Acquisition and/or development of new supply.4.
Marketing and promotion of parking to priority users.5.
Coordinate funding of TDM programs.Each preceding strategy should reinforce those strategies that follow. Itshould be recognized that the overall plan is targeted to support along-term vision for economic growth and Downtown revitalization.Implementing this plan will be much more difficult to do than leavingthe system as it is or only making minor modifications, but staff feelsthat it is necessary to undertake these actions in order to meet thechallenges ahead.
Review Summary of Action Steps for the Financial Feasibility of theParking Services Strategic Business and forward to City Council.
Provides the City with a detailed flexible approach on the future ofparking within Downtown Olympia.2.
Assists other City Departments in implementing the City Council’sgoals for Downtown Olympia.
Modify the timeframes and/or list of proposed action steps for theParking Services Strategic Business Plan for Downtown Parking.Provide edits and feedback for full Council review at a later date.
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