Town of Chapel Hill North Carolina Executive Summary

Meeting Date: 11-24-2008 Time:                    7:00 PM AGENDA #4e

Title of Agenda Item: Replacement Parking Plan for Lot 5

Background:  The attached staff memorandum includes background information on proposed plans for providing replacement public parking during the construction of the 140 West development on Parking Lot 5, located on the corner of West Franklin, Church, and West Rosemary Streets, and recommends a budget to implement the plan.

Fiscal Note:

Summary of Revenues and Capital Costs
	Annual Revenues	Capital Costs	Annual Lease Costs
On-Street West Franklin Street  (up to 15 spaces)	$20,000	$6,000
Lot 4, West Rosemary Street   (18 spaces)	$33,600	$31,500
West End   (up to 73 spaces)	$97,300	$16,500	$58,800
Total	$150,900	$54,000	$58,800*

 (*$29,400 for semi-annual cost)

For the on-street parking spaces on West Franklin Street, we estimate the income from hourly public parking would recover the capital costs within 4 months.

For Lot 4, we estimate the income from the conversion to hourly public parking would recover the capital costs within one year.

For the West End parking sites, we estimate the income generated would exceed the annual leasing cost and the one-time capital costs within 12 months.

Staff Recommendation(s):  That the Council adopt the attached budget ordinance amending the Parking Fund to provide a budget of $83,400 to implement a replacement parking program due to the anticipated closure of Lot 5 during the construction of 140 West.

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