WHITHER PARKING IN THE CITY CENTER? (ABRIDGMENT)
The financing opportunities and options for providing new downtown parking are analyzed in the context of current fiscal realities. The present financial posture of typical municipal parking agencies is identified, the cost of providing new downtown facilities is analyzed, and means of obtaining needed revenues are suggested. Finally, complementary parking policies are suggested. Analysis of eight parking agencies in Middle Atlantic and New England states indicates average annual net incomes of about $125 per space. This compares with the $800 to $1,200 annual debt service outlay required for each new garage space. A cost-sharing concept is proposed based on the premise that parking produces benefits to many groups. Under this concept costs for new downtown garages would be shared among users, developers, the downtown community, and municipalities. Sound public finance principles that reflect a new fiscally accountable perspective are essential to parking in future city centers. This implies pooling of all parking-related revenues into a single fund, and increasing those revenues through rate adjustments, intensified enforcement, and better adjudication procedures. These funds would cover the costs of enforcement, operations, and, to the maximum extent possible, debt service. Corollary parking policy guidelines call for following rather than anticipating development; underbuilding rather than overbuilding; constructing smaller, simpler garages rather than megastructures; and reorienting downtown zoning requirements to actual needs.
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Availability:
- Find a library where document is available. Order URL: http://worldcat.org/isbn/030903034
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Supplemental Notes:
- Publication of this paper sponsored by Committee on Parking and Terminals. Distribution, posting, or copying of this PDF is strictly prohibited without written permission of the Transportation Research Board of the National Academy of Sciences. Unless otherwise indicated, all materials in this PDF are copyrighted by the National Academy of Sciences. Copyright © National Academy of Sciences. All rights reserved.
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Corporate Authors:
500 Fifth Street, NW
Washington, DC United States 20001 -
Authors:
- Levinson, Herbert S
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Conference:
- 63rd Annual Meeting of the Transportation Research Board
- Location: Washington District of Columbia, United States
- Date: 1984-1-16 to 1984-1-20
- Publication Date: 1984
Media Info
- Media Type: Print
- Features: Figures; Tables;
- Pagination: pp 77-79
- Monograph Title: URBAN TRAFFIC, PARKING, AND SYSTEM MANAGEMENT
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Serial:
- Transportation Research Record
- Issue Number: 957
- Publisher: Transportation Research Board
- ISSN: 0361-1981
Subject/Index Terms
- TRT Terms: Central business districts; Cost sharing; Costs; Financing; Parking; Parking facilities; Parking garages; Policy; Revenues; Zoning
- Subject Areas: Finance; Highways; Operations and Traffic Management; Policy; Public Transportation; Terminals and Facilities;
Filing Info
- Accession Number: 00391635
- Record Type: Publication
- ISBN: 030903034
- Files: TRIS, TRB
- Created Date: Jun 30 1985 12:00AM