Fiscal Note
This amendment authorizes the City to continue charging the Parking Utility a payment in lieu of tax (PILOT) using a methodology and rate consistent with past practice, as anticipated in the 2006 Operating Budget. In addition, this ordinance amendment establishes a new on-street metered parking stall charge to the Parking Utility. Revenue of $100,000 from this fee was also anticipated in the adopted 2006 budget. Based on actual 2004 Parking Utility gross revenues from on-street meters, the 10% fee established by this ordinance, in conjunction with the PILOT payment, is expected to generate general fund revenues sufficient to match the budgeted level. Funding for both the PILOT payment and the on-street metered space fee will be derived from Parking Utility revenues.
Title
SUBSTITUTE - Amending Section 4.18 of the Madison General Ordinances to establish an occupancy fee to be paid by the Parking Utility on City-owned parking facilities and on-street metered parking spaces.
Body
DRAFTER'S ANALYSIS: This ordinance revises the language for the payment in lieu of taxes (PILOT) paid by the Parking Utility to the General Fund to comport with current practice. It also, pursuant to an approval during the 2006 budget process, adds an additional occupancy fee for use of the public right-of-way of 10% of gross revenues for on-street metered parking stalls.
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The Common Council of the City of Madison do hereby ordain as follows:
Section 4.18 entitled "Payment of Tax Equivalent on City Owned Parking Lots" is amended to read as follows:
"4.18 PAYMENT OF TAX EQUIVALENT AND OCCUPANCY FEE ON CITY
OWNED PARKING LOTS FACILITIES AND ON-STREET METERED
PARKING SPACES.
(1) On or before March 1 of In each calendar year, there shall be paid into
the gGeneral Fund, as a payment in lieu of taxes, an amount equivalent to that
which would be levied on the off-street land ...
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