The 13 June 2023 LB Agenda contains the Parking and Transportation Demand Management Report prepared
by the Parking Master Plan Subcommittee calling for embellishing
eighteen parking lots and constructing nine new parking structures.
Table-2 of this report gives a summary labeled
Projects G-O, their street locations in Laguna Beach, the number of
parking spaces added and the capital cost of construction. Assuming
30-year financing and 40-year life the charts below shows the minimum hourly
parking rate necessary to breakeven with the amortized costs over the
40-year structure life.
The first chart includes land and opportunity costs (if any) per parking space added. The second chart excludes land and opportunity costs for all spaces provided. In this way the charts bound the possible outcomes from the highest meter rate to the lowest, for each project.
The
analysis considers costs of construction, debt service, land costs, opportunity costs, demolition,
salvage, in-lieu parking fees, maintenance and other costs in the
amortization over the structure lifetime. Not included: bond financing premiums, parking
enforcement, soil remediation, environment factors (quakes, floods),
depreciation, inflation and taxes (if applicable). These results are
preliminary and may be updated as project information is made available. Project I is the Village Entrance 3-story structure.
-LS
Thank goodness we have dedicated and smart professionals like you in our town. Otherwise we would have to rely on compromised officials, consultants and staff paid to produce what the City Manager wants to see and promote. This CM only cares about economic drivers that support salaries and pensions. Residents lose when this type of administration culture is in place. Keep speaking up and pushing back Laguna residents. It’s your money they are spending and your towns future at stake. Thanks!
ReplyDeleteHopefully these illustrations reveal the foolhardy urban planning from 1950 and we get the community and city on the same planning page. It makes no economic sense to build parking structures at $98,099 per parking space for beach visitors to park their Yugo there when residents must subsidize their cost of visiting.
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