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Strategic Financing Options for Enhancing Campus Parking Infrastructure

The future of university parking depends on innovative financing strategies as highlighted in the 2005 Walker Parking Consultants report. Currently, parking serves as a self-supporting resource funded primarily through permit sales and citation revenue. With a significant number of annual events on campus, including concerts and sports, exploring options for growth is essential. This report discusses five potential financing options ranging from maintaining the current structure to constructing a second parking garage, incorporating event ticket surcharges, and pressing for market-rate parking pricing.

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Strategic Financing Options for Enhancing Campus Parking Infrastructure

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  1. Financing Future Parking Growth Options For Financing Parking In Accordance With The 2005 Walker Parking Consultants Findings And Recommendations

  2. Pertinent Facts • Today parking is a self supporting subsidiary with only two sources of revenue: • Permit Sales • Citation Revenue • Parking is a UNIVERSITY RESOURCE being used by the community but paid for by faculty, staff, and (primarily) students

  3. More Pertinent Facts • Approximately 800,000 tickets are sold for events on campus each year • Estimated 68,000 USA concert/Performing arts • Remaining 732,000 are football/basketball/baseball • Parking does not get any event parking revenue • Federally funded parking does not contribute to system • Park and Pay operations are not universally distributed across campus today

  4. Option 1: No parking growth and continue with current parking and price structure (3% cost of living increase only) • Easiest option to implement...parking permit prices will only keep pace with inflation • Doesn’t allow for conditions during MS Freeway construction...700-900 cars per day could come to us for parking • Doesn’t allow for SGA altering off campus bus service ...average daily ridership of 3,500+ per day

  5. Option 1:Effects on permit price

  6. Option 2: Plan/construct 2nd parking garage and expand satellite parking using only existing sources of revenue with expanded park and pay • Permit prices go up significantly over several years • Students bear brunt of increase • Lower paid employees may not be able to keep up • Parking in commuter/satellite seen as negative • Across the board flat rate increase • Achieving parity sends FS rates up even more

  7. Option 2:Effects on permit price

  8. Option 3: Plan/construct 2nd parking garage and expand satellite parking using additional sources of revenue and 5% across the board rate increase • $2 per ticket parking surcharge on every event ticket sold on campus • Excludes student discounted tickets • 2nd level benefits of surcharge • Events not selling tickets handled on case-by-case basis • Income from “Park and Pay” machines is generated after first year

  9. Option 3:Effects on permit price

  10. Option 4: Plan/construct 2nd parking garage and expand satellite parking using parking surcharge revenue and raise permit to ‘near’ market rate by 2009 • Answers Walker Parking’s recommendation to increase parking rates • Achieve parity between F/S and Student • Set all rates at “market value” • Three models considered: • Residence Halls as pivot point (much too low) • Satellite parking break even as anchor point • A ‘happy medium’ where satellite is capped at arbitrary $100

  11. Option 4: Parity and Satellite Break-Even Effects on permit price

  12. Option 4: Parity and $100 Satellite CapEffects on permit price

  13. Option 5: 3% cost of living increase, event surcharge for non-athletic events, expanded park and pay • Will be unpopular with Visual and Performing Arts • Generates, at most, an additional $120,000 revenue • Will not fund additional surface parking or garage debt service

  14. Option 5:Effects on permit price

  15. Options 1 through 4:Bottom Line Comparison

  16. Recommendation • Adopt Option 3 • Event parking surcharge • Expanded park and pay • No more than 5% increase in permit prices • Makes all parking fall under one department • Solves issue of who pays for shuttles for athletic events • Provides latitude to charge CVPA less for their events

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