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Sacramento Parking Study 12.01.2011

Sacramento Parking Study 12.01.2011

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Published by Isaac Gonzalez
The attached is the parking study by Walker Parking Consultants, the firm hired by the City of Sacramento to analyze parking assets. The Walker report simply provides data of the market, financial and condition of our operation.

It’s important to note that the companion to this report from Bank of America/Merrill Lynch that will provide context to the Walker data is still in progress. The BA/ML report will provide the potential market value of a lease agreement over 50 years.
The attached is the parking study by Walker Parking Consultants, the firm hired by the City of Sacramento to analyze parking assets. The Walker report simply provides data of the market, financial and condition of our operation.

It’s important to note that the companion to this report from Bank of America/Merrill Lynch that will provide context to the Walker data is still in progress. The BA/ML report will provide the potential market value of a lease agreement over 50 years.

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Published by: Isaac Gonzalez on Dec 02, 2011
Copyright:Attribution Non-commercial

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12/02/2011

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MARKET, FINANCIAL AND CONDITIONASSESSMENT OF PARKING ASSETS
CITY OF SACRAMENTO
SACRAMENTO, CALIFORNIA
Prepared For:
THE CITY OF SACRAMENTO,CALIFORNIANOVEMBER 23, 2011
 
 
135 Main StreetSuite 1030San Francisco, CA 94105Voice: 415.644.0630Fax: 415.672.0637www.walkerparking.com
 November 23, 2011Mr. Russell FehrCity TreasurerCity of Sacramento915 I StreetHistoric City Hall – 3
rd
FloorSacramento, CA 95814Re:
City of Sacramento Preliminary Assessment of Parking Assets - Phase I Walker Project #33-1699.00 
Dear Mr. Fehr:Walker Parking Consultants is pleased to submit for your review our report regarding the ParkingMarket, Financial, and Condition Assessment for selected elements of the City of SacramentoPublic Parking System.This version of the Phase I preliminary report includes our analysis and conclusions, which areintended to assist the City in evaluating the feasibility of entering into a long-term concessionagreement to operate and manage the subject parking system. The report is subject to furtherrevision based on additional input or analysis.We appreciate the opportunity to be of service to you and the City of Sacramento.Sincerely,WALKER PARKING CONSULTANTSJohn W. Dorsett, AICP Phillip SchragalSenior Vice President Project ManagerDirector of Consulting Resource Group Director of Operations ConsultingPS:Enclosure
 
CITY OF SACRAMENTO
MARKET, FINANCIAL AND CONDITION ASSESSMENT OF PARKING ASSETS
WPC PROJECT NO. 33-1699.00 NOVEMBER, 2011
 
TABLE OF CONTENTS
1
 
EXECUTIVE SUMMARY ................................................................................................. 1
 
2
 
INTRODUCTION ......................................................................................................... 1
 
3
 
MARKET ANALYSIS ..................................................................................................... 2
 
3.1
 
Overview ............................................................................................................... 2
 
3.2
 
Market Analysis ...................................................................................................... 4
 
3.3
 
City Owned Structures ............................................................................................. 6
 
3.4
 
Market Rate Summary .............................................................................................. 17
 
3.5
 
Future Market Conditions.......................................................................................... 17
 
3.5.1 Emerging Developments ........................................................................................... 18
 
3.6
 
Market Summary ..................................................................................................... 18
 
4
 
OPERATIONS ANALYSIS............................................................................................... 20
 
4.1
 
Overview ............................................................................................................... 20
 
4.2
 
Off-street Structures .................................................................................................. 20
 
4.2.1 Parking Technologies ............................................................................................... 20 
 
4.2.2 Operational Enhancements ....................................................................................... 21
 
4.2.3 Aesthetic Improvements ............................................................................................ 21
 
4.3
 
On-street Meters ...................................................................................................... 22
 
4.4
 
Meter Comparison ................................................................................................... 23
 
4.5
 
Case Studies ........................................................................................................... 24
 
5
 
FINANCIAL ANALYSIS .................................................................................................. 27
 
5.1
 
Overview ............................................................................................................... 27
 
5.2
 
Transactions ............................................................................................................ 27
 
5.3
 
Revenue ................................................................................................................. 27
 
5.3.1 Future Parking Rates ................................................................................................ 28
 
5.3.2 Elasticity and Pricing ................................................................................................ 28
 
5.3.3 Enforcement ............................................................................................................ 28
 
5.3.4 Other Revenue ........................................................................................................ 29 
 
5.4
 
Parking or Sales Tax ................................................................................................ 29
 
5.5
 
Operating Expenses ................................................................................................ 29
 
5.6
 
Labor Expenses ....................................................................................................... 29
 
5.7
 
Assumptions (OPEX) ................................................................................................. 30
 
5.8
 
Assumptions (CAPEX) ............................................................................................... 31
 
5.9
 
EBITDA (Base Case) ................................................................................................. 32 

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