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Board weighs parking revenues and whether paid parking can fund a future downtown garage
Summary
Directors discussed monthly parking revenues, operating costs and whether the revised paid‑parking program could underpin bonds or public‑private partnerships to build a future parking garage.
Board members spent significant time discussing whether current and projected parking revenues can support a bond or public‑private partnership to build additional parking.
City Manager Bill told the board that, "we averaged $94,600 a month, which brings us on a on an annualized number at 1.135," referencing the revenue trend after rate changes earlier this year. Staff said the parking fund had been subsidized by the general fund in prior years and that establishing sustained revenue was important to pursue long‑term financing.
Directors questioned operating costs — staff estimated fixed overhead for the paid parking system (including kiosks and enforcement) at roughly $450,000–$500,000 annually when depreciation is included — and noted that reducing kiosk count would lower ongoing fees. The board agreed more detailed scenarios from bond counsel and financial modeling are needed before making major changes to paid parking policy. Director Webb urged moving quickly to ease burdens on downtown merchants; others urged caution and requested additional downtown sales and sales‑tax data for analysis.
Staff committed to returning with scenario modeling and additional data during upcoming goal‑setting and budget meetings.
