In January a meeting was held in the office of the mayor of Oakmont to discuss proposed municipal parking facility. The participants included the mayor, the traffic commissioner, the administrator of Oakmont's Downtown Parking Authority, the city planner, and the finance director. The purpose of the meeting was to consider a report by Richard Stockton, executive assistant to the Parking Authority's administrator concerning estimated costs and revenues for the proposed facility Mr. Stockton's opening statement was as follows As you know, the mayor proposed two months ago that we construct a multilevel parking garage on the Elm Street site. At that time, he asked the Parking Authority to assemble al pertinent information for consideration at our meeting today. I would like to summarize our findings briefly for you. The Elm Street site is owned by the city. All that stands on it now are the remains of the oid Embassy Cinema, which we estimate would cost approximately $80,000 to demolisA building contractor has estimated that a multilevel structure, with space for 800 cars, couid be built on the site at a cost of about $4 million. The useful life of the garage would be around 40 years. director has informed me that we could probably float an issue of 20 year tax-exmps the original number of bonds being recalled in each succeeding year garage for the city. They estimate that their costs, exclusive of the fee, would amoun The city could finance constraction of the garage through the sale of bonds. The finance percent interest. Redemption would commence after three years, with one-seventeenth o A parking management firm has already contacted us with a proposal to operase the $480,000 per year Of this amount, $350,000 would be personnel costs; the remainder would include utilities, mechanical maintenance, insurance, and so forth. In addition, they would require a management fee of $60,000 per year. Amy gross revenues in encess of 540,000 per year would be shared 90 percent by the city and 10 percent by the manage ment firm. If total annual revenues are less than $540,000, the city would have to pay the difference I suggest we offer a management contract for bid, with rebegotiations every three years. The city would derive additional income of around $100,000 per year by renting the ground Boor of the structure as retail space. We conducted a survey at a private parking garage only three blocks from the E Street The garage, which is open every day from 7:00A.M, until midmight, charges: $1.50 for site to heip estimate revenues from the prospective garage the first hour; $1,00 for the second hour, and 50 cents for each subsequent hour, with maximum rate of S4. Their capacity is 400 spaces. Our survey indicated that during busi- ness hours, 75 percent of their spaces weie occupied by-all-day parkerr-an whose drivers and passengers work downtown. In addition, roughly 400 cars use the garage each weekday with an average stay of three hours. We did not take a survey on Saturday or Sunday, but the proprietor indicated that the garage is usually about 75 percent nlized by short-term parkers on Saturdays until 6:00 P.M, when the department stores close; the y is about two bours. There's a lull until about 7:00 P.M, when the moviegoers full from 8:00 P.N, until closing time an midnight. Sundays are usually very quiet until the evening, when he estimates that his garage start coming in; he says the garage is almost is 60 percent utilized from 6:00 P.M. until midnight. In addition, we studied a report issued by the City College Economics Departmen last which estimated that we now have approximately S0,000 cars entering the central business district (CBD) every day from Monday through Saturday. Based on correlations with other cities ofcomparable size, the economists calculated that we need 30,000 parking spaces in the CBD. This agrees quite well with a block-by-block estimate made by the traffic commissioner's office last year, which indicated a total parking need in the CBD of the rest are in privately owned garages and open lots business executives making calls. The average namber of people per car was 1.75 29,000 spaces. Right now we have 22,000 spaces in the CBD. Of these, 5 percent ure curb of which are metered, with a two-hour maximum limit for 40 cent), and Another stady indicated that 60 percent of all suto passengers entering the CBD on wockday were on their way to work, 20 percent were shoppers, and 20 percent we Unfortunately, we have not yet had time to use the data mentioned thus far to work up estimates of the revenues to be expected from the proposed garage The Elm Street site is strategically located in the heart of the CBD, near the majon department stores and office buildings. I is five biocks f new crosstown freeway, which we expect will be open to traffic next year, and only three blocks from the Music Center, which the mayor dedicated last week rom one of the access ramps to the As we all know, the parking situation in that section of town has steadily worsened over the last few years, with no immediate prospect of improvement. The demand for parking is clearly there, and the Parking Authority therefore recommends that we build the gaage In January a meeting was held in the office of the mayor of Oakmont to discuss proposed municipal parking facility. The participants included the mayor, the traffic commissioner, the administrator of Oakmont's Downtown Parking Authority, the city planner, and the finance director. The purpose of the meeting was to consider a report by Richard Stockton, executive assistant to the Parking Authority's administrator concerning estimated costs and revenues for the proposed facility Mr. Stockton's opening statement was as follows As you know, the mayor proposed two months ago that we construct a multilevel parking garage on the Elm Street site. At that time, he asked the Parking Authority to assemble al pertinent information for consideration at our meeting today. I would like to summarize our findings briefly for you. The Elm Street site is owned by the city. All that stands on it now are the remains of the oid Embassy Cinema, which we estimate would cost approximately $80,000 to demolisA building contractor has estimated that a multilevel structure, with space for 800 cars, couid be built on the site at a cost of about $4 million. The useful life of the garage would be around 40 years. director has informed me that we could probably float an issue of 20 year tax-exmps the original number of bonds being recalled in each succeeding year garage for the city. They estimate that their costs, exclusive of the fee, would amoun The city could finance constraction of the garage through the sale of bonds. The finance percent interest. Redemption would commence after three years, with one-seventeenth o A parking management firm has already contacted us with a proposal to operase the $480,000 per year Of this amount, $350,000 would be personnel costs; the remainder would include utilities, mechanical maintenance, insurance, and so forth. In addition, they would require a management fee of $60,000 per year. Amy gross revenues in encess of 540,000 per year would be shared 90 percent by the city and 10 percent by the manage ment firm. If total annual revenues are less than $540,000, the city would have to pay the difference I suggest we offer a management contract for bid, with rebegotiations every three years. The city would derive additional income of around $100,000 per year by renting the ground Boor of the structure as retail space. We conducted a survey at a private parking garage only three blocks from the E Street The garage, which is open every day from 7:00A.M, until midmight, charges: $1.50 for site to heip estimate revenues from the prospective garage the first hour; $1,00 for the second hour, and 50 cents for each subsequent hour, with maximum rate of S4. Their capacity is 400 spaces. Our survey indicated that during busi- ness hours, 75 percent of their spaces weie occupied by-all-day parkerr-an whose drivers and passengers work downtown. In addition, roughly 400 cars use the garage each weekday with an average stay of three hours. We did not take a survey on Saturday or Sunday, but the proprietor indicated that the garage is usually about 75 percent nlized by short-term parkers on Saturdays until 6:00 P.M, when the department stores close; the y is about two bours. There's a lull until about 7:00 P.M, when the moviegoers full from 8:00 P.N, until closing time an midnight. Sundays are usually very quiet until the evening, when he estimates that his garage start coming in; he says the garage is almost is 60 percent utilized from 6:00 P.M. until midnight. In addition, we studied a report issued by the City College Economics Departmen last which estimated that we now have approximately S0,000 cars entering the central business district (CBD) every day from Monday through Saturday. Based on correlations with other cities ofcomparable size, the economists calculated that we need 30,000 parking spaces in the CBD. This agrees quite well with a block-by-block estimate made by the traffic commissioner's office last year, which indicated a total parking need in the CBD of the rest are in privately owned garages and open lots business executives making calls. The average namber of people per car was 1.75 29,000 spaces. Right now we have 22,000 spaces in the CBD. Of these, 5 percent ure curb of which are metered, with a two-hour maximum limit for 40 cent), and Another stady indicated that 60 percent of all suto passengers entering the CBD on wockday were on their way to work, 20 percent were shoppers, and 20 percent we Unfortunately, we have not yet had time to use the data mentioned thus far to work up estimates of the revenues to be expected from the proposed garage The Elm Street site is strategically located in the heart of the CBD, near the majon department stores and office buildings. I is five biocks f new crosstown freeway, which we expect will be open to traffic next year, and only three blocks from the Music Center, which the mayor dedicated last week rom one of the access ramps to the As we all know, the parking situation in that section of town has steadily worsened over the last few years, with no immediate prospect of improvement. The demand for parking is clearly there, and the Parking Authority therefore recommends that we build the gaage