LBUSD Facility Master Plan SOW

On May 2 2023 the LB Unified School District revealed plans for a $120 Million replacement of facilities on four campuses, the allocation consists of $88 Million for the LBHS campus. The replacement consists of two parking garages designated  Lot-A and Lot-B on the Facility Master Plan SOW for May 23, 2023, the entire project is estimated to take 10-years to complete.

The project allocates roughly $15 Million for multi-story parking structures at Lot-A and $9 Million for Lot-B located in existing parking lots. Given similar project experience in Lagna Beach these costs may be considerably more. Given the details from the Facility Master Plan, an analysis of the proposed structures reveal the real cost of the development.

Project Assumptions:

Construction time 3-years,   Facility Life: 40-years,   Debt Financing: 30-years

Project Lifetime Debt Considerations:

Construction, Debt Service, Salvage, O&M, In-lieu Fees, Opportunity Cost 

Externalized Costs: VMT, Congestion, Emissions, EIR Review, In-lieu fees

Lot-A and Lot-B Design details:

Lot-A: number of spaces:  existing spaces -113, added - 19

Lot-B: number of spaces:  existing spaces -19, added - 103  

 

An economic analysis for the lifetime of the structure using a Equivalent Uniform Annualized Cost (EUAC) approach and the assumptions above give the following results. The calculations are a break-even case where amortized project costs are just covered by meter rates. 

 

The study does not include costs for  parking enforcement,  opportunity costs, environment factors (quakes, floods), depreciation and inflation. 

 

For each parking lot, the first chart shows the meter rate per hour charged per space at different prevailing interest rates. The meter rate is shown for two cases, one for spaces added and one for all the parking spaces in each lot A and B.  

The second chart shows the accumulated costs for each parking space if the space was rented by the month. It is shocking to realize the monthly cost of each parking space approaches cost of rent for a double occupancy flat in Laguna Beach.

-LS