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.

Media Info

  • Media Type: Print
  • Features: Figures; Tables;
  • Pagination: pp 77-79
  • Monograph Title: URBAN TRAFFIC, PARKING, AND SYSTEM MANAGEMENT
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00391635
  • Record Type: Publication
  • ISBN: 030903034
  • Files: TRIS, TRB
  • Created Date: Jun 30 1985 12:00AM