Parking Fee IncreaseCITY OF DUBUQUE, IOWA
MEMORANDUM
March 7, 2000
TO:
The Honorable Mayor and City Council Members
FROM:
Michael C. Van Milligen, City Manager
SUBJECT:
Parking Fee Increase
The purpose of this memorandum is to respond to concern expressed during the
budget hearings regarding the impact of the increase in the 10 hour meter rates
from 1 5 cents per hour to 25 cents. This increase is projected to generate
approximately $128,000 in increased revenue. If 10 hour meter rates are not
changed, patrons can park at a 10 hour meter for $27 per month versus $36 to
$53 per month in the ramps. This would not encourage people to use the added
ramp space. In addition, there was concern expressed regarding the increase in
monthly rental for lot 10 from $28 to $35 per month. This increase is projected to
generate an additional $5,219 in parking revenues.
City Council had previously directed that the 5th Street Ramp Expansion bond issue
be paid from parking revenues and that the new 3rd Street Ramp paid from TIF
Funds. The 3rd Street Ramp can be financed without changing City Council's
policy regarding capping City TIF needs to 75% of the revenues generated by the
Downtown TIF District and returning the other 25% to all taxing bodies. The FY
2001 budget was prepared based on 25% of the district values going into our base
tax valuations and the TlF filing done in December, 1999 for FY 2001 provides for
only 75% of the district receipts ($589,000) going to the City. If City Council
were to change their policy regarding the use of district receipts, it could not be
effective until FY 2002 and it would reduce the City's portion (34%) and other
taxing districts portion of tax revenues that were be captured to pay parking debt
service.
This information if being provided for City Council deliberations at tonights public
hearing.
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