REGIONAL TRANSPORTATION DISTRICT PARKING MANAGEMENT PROGRAM JANUARY, 2014 UPDATE
PARKING MANAGEMENT PROGRAM 1 Pay-for-parking program implemented in 2009 under limits enacted by Colorado State Legislature –out-of-District patrons pay for daily parking –In-District patrons pay after first 24 hours –Up to 15% of capacity can be reserved for a flat monthly rate –Use Colorado Motor Vehicle license plate data About 15% of RTD parking patrons pay for parking
PARKING MANAGEMENT PROGRAM 2 Alternative ways to implement –In-house Lack of commercial pay-for-parking experience Require use of RTD funds needed to provide transit service –Public-Private-Partnership Obtain professional experience Avoid up-front operating expenses and $900,000 investment Issued an RFP…Central Parking selected –Provides all expenses and investments –Collects all revenue...recovers all expenses
PARKING MANAGEMENT PROGRAM 3 Currently we manage 33 parking facilities –Capacity: 19,504 Average Weekday Usage: 80% of all RTD parkers West Corridor will add 5 new managed facilities –Capacity: 4774 spaces –JeffCo Center in program when usage reaches 90% TOTAL: 24,397 spaces without JeffCo’s 705 spaces
PARKING MANAGEMENT PROGRAM 4 PROGRAM OBJECTIVE: Recover part of the value of parking facilities from those who park. –To recover the whole value of parking necessary to collect $6.10 per space per weekday from every patron who needs a parking space. –About 10% of all RTD patrons who pay bus or train fare need a parking space
PARKING MANAGEMENT PROGRAM 5 CURRENT PARKING RATES: Out-of-District patrons pay $4.00 per day Not subject to RTD taxing authority Range of “out” usage is 7%-10%...Lincoln 26%; Dry Creek 29%; Airport 13% In-District patrons pay $2.00 per day after the first 24 hours The entire population of the District is subject to RTD taxing authority
PARKING MANAGEMENT PROGRAM 6 AVAILABLE PAYMENT METHODS: –Credit or cash at pay station 53% of revenue –Pay-by-phone 16% of revenue $0.35 “convenience fee” –Automated Account: 13% of revenue automatically posted to account 15% discount –Reserved parking 13% of revenue –Violation revenue 5% of revenue
PARKING MANAGEMENT PROGRAM 7 CENTRAL PARKING CONTRACT AMENDMENT: –Extend term through 2018 –Add West Corridor to program –“Lock in” annual risk management cost at $7.69 per space, saving RTD $400,000 over five years. –Provide a means for Central to recover past operating deficits –As incentive to increase revenues and decrease expenses, increase management fee from 2.5% to 7.5% –Eliminate Central’s contract termination option –Establish RTD’s unconditional right to terminate –Obligate Central to an equipment upgrade
PARKING MANAGEMENT PROGRAM 8 EQUIPMENT UPGRADES FOR 2014 : –stationary license plate recognition cameras to be installed at 9 skyRide served facilities More accurate capture of “in”, “out” & “dwell” times Violation notices will be mailed to the home of the registered owner…instead of on windshield –“smart” pay stations to be installed at 38 facilities Pay station independently recognizes “out” patrons Much “friendlier” operation
PARKING MANAGEMENT PROGRAM 9 PROJECTED FINANCIAL PICTURE: –Gross Revenues have exceeded $1,000,000 annually for the past two years and will continue –Operating Expenses per space reduced by 18% –Net Revenue to RTD under amended contract : $1,300,000 (total estimated) –After equipment investment is recovered the annual Net Revenue to RTD will about $600,000