Submitted By
Tammie Grossman, Director Development Customer Services
Reviewed By
LKS
Agenda Item Title
Title
First Reading of an Ordinance Amending Parking Permit Fees as set forth in Section 15-3-18 of the Oak Park Village Code
End
Overview
Overview
The Parking and Mobility Services Division staff conducted an annual review of the expenses and revenues associated with the public parking system. Based on the review and discussion by the Finance Committee at their October 23, 2017 meeting; rate increases are recommended for Fiscal Year 2018.
Body
Staff Recommendation
Approve an Ordinance amending section 15-3-18
Fiscal Impact
The proposed FY 2018 Parking Fund recommended budget includes a $5 overall revenue increase in Quarterly Permit Fees. The estimated increase for the proposed recommendation is an annual $105,350. Additionally the Permit Replacement / Transfer Fees will all be increased to a $5 flat fee. The amount of revenue generated by this recommendation is extremely small as this change is more administrative (some replacement fees are $2 and some $5).
Background
Staff conducted an annual review of the expenses and revenues associated with the public parking system. As a result, increases are proposed for quarterly parking permit rates and quarterly garage rates. The permit fees for garages, the permit fee for lots and on-street overnight parking were last increased in January 2017.
On an annual basis, the Village sells more than 7115 permits for 24-hour parking.
High Demand Area:
1. Resident rates increase for Twenty - four (24) a day permit parking from $250 per quarter to $255 per vehicle per quarter; the resident Daytime permit parking from $220 to $225 per quarter; and the resident Overnight permit parking from $170 to $175 per quarter.
2. Nonresident rates increase for Twenty-four (24) hour a day permit parking from $325 to $330 per vehicle per quarter; the nonresident Daytime permit parking from $ 275 to $280 per quarter; and t...
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