Fiscal Note
General Fund Revenues (Incr.): |
$ (500,000) |
Total: |
$ (500,000) |
Levy Impact: |
$ (500,000) |
Title
SUBSTITUTE OPERATING BUDGET AMENDMENT # 6 - General Fund Revenues / Payments in Lieu of Tax, Parking Utility; p. 13, 121
Body
Charge the parking utility a rental fee for the use of public lands Right of Way (ROW) that is based on the principles of rental value or fees for use of the ROW (street use permits, encroachment fees), akin to the value-based fee principles used in assessing PILOT for public, tax exempt facilities like Monona Terrace. This land ROW is the spaces on the street where meters are located in the CBD. The Parking Utility has used this land for free. A private entity that was allowed access to this ROW would be expected to pay a fee to the general fund for its use. The amount charged reflects what they would pay if this land were in a surface parking lot in the downtown.
There are currently 1,386 on-street spaces with meters. A lot that would accommodate that number of spaces excluding drive isles, would take up approximately 5 acres. That amount of land, if in lot form, would generate $500,000 100,000 if such a lot were one continuous parcel. in rental fees or other occupation charges.