Uptown Transportation Study CHAPTER 7: PARKING - OKI

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Uptown Transportation StudyPart A: Uptown Transportation Planspace per month. The comparable project cost of $3,000 per space and $150 per space per year toown and operate an unattended surface parking lot results in a break-even point of $30 per spaceper month. If the lot is attended, operating costs could increase to as much as $400 per space peryear, increasing the breakeven point to $50 per space per month.The many universities and institutions charging parkers $10 per month or less for surface parkingare not even charging enough to recover costs of owning and operating surface parking, resultingin significant "sticker shock" when trying to figure out how to pay for structured, attended parkingthat will cost about $120 per month, or more, just to break even.Conceptual Cost ConclusionIn addition to capital costs, the costs of operation are estimated at $400 per space per year for thepurpose of this exercise.To assign a range of the conceptual cost of development and the potential annual debt burden fromthe proposed undertaking, the following assumptions are presented:Table 7-28: Conceptual Parking Development Cost (2005$)Design Capacity 2,500 spaces 2,500 spacesHard Cost per Unit $ 10,000 per space $ 15,000 per spaceHard Cost $ 25 million $ 37.5 millionSoft Cost @ 15 percent $ 3.75 million $ 5.62 millionLand Cost @ 10 percent $ 2.5 million $ 3.75 millionConceptual Project Cost $ 3.25 million $ 46.88 millionAnnual Cost of FinancingPayment (6 percent, 25 years) $ 2.45 million $ 3.68 millionOperating Cost @ $400 per month $ 1 million $ 1 millionTotal Operating Cost $ 3.45 million $ 4.68 millionAnnual Cost per Space $ 1,380 $ 1,872@ 0.40 Presence Factor – per Student $ 550 $ 750@ 0.75 Presence Factor – perFaculty/Staff$ 1,035 $ 1,400Transit is an additional cost.Funding and FinancingThe following maximum transient parking fees are currently charged by the Consortium memberswithin the district.Uptown Transportation Study 7-54 URS CorporationNovember 2006
Uptown Transportation StudyPart A: Uptown Transportation PlanTable 7-29: Transient Parking FeesCincinnati Zoo and Botanical Gardens $6.50The University of CincinnatiThe University HospitalThe Christ HospitalThe Alliance Business CenterBethesda OakGood SamaritanChildren’s HospitalUniversity Village (Corryville)$1 .50 first hour$8.25 max$10.00$2.00 validated$0 (Free)$7.00$3.50 validated$0 (Free)$0 (Free)$5.00 first hr.$25.00$0 validated$3.00$2.00 validatedWide variations from $0 (Free) to $25 per day are noted throughout the district.The following long-term parking fees are currently charged by the study subject institutions.Table 7-30: Long-Term Parking FeesCincinnati Zoo and BotanicalGardens$0 (Free)The University Hospital$0 (Free)The Christ HospitalThe Alliance Business CenterBethesda OakGood SamaritanChildren’s HospitalUniversity Village (Corryville)The University of Cincinnati$0 (Free)$0 (Free)$0 (Free)or $10 per pay period$0 (Free)$0 (Free)$0 (Free)Employee(per month)Student(per quarter)$ 88 $ 26476 22866 19844 13236 10826 7818 54Wide variations from $0 (free) to $88 per month are noted throughout the district. The monthlyUC employee permit fees are consistently priced at one-third of the quarterly student permit fees.Operationally, the Uptown TMA can charge whatever is mandated by each partner within theirUptown Transportation Study 7-55 URS CorporationNovember 2006
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Uptown Transportation Study CHAPTER 7: PARKING - OKI

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