FY25 Proposed Budget

A parking impact fee, which deals with off-street parking requirements, is required for residential development in most of the Near Southside Neighborhood. The Near Southside is bound by Burlington Street to the north, Madison Street to the west, Gilbert Street to the east, and the Iowa Interstate Railway main-line to the south. The revenues from the impact fee are to provide parking facilities in the Near Southside. A formula is used to determine the amount of required off-street parking and the amount of required parking impact fee. The Neighborhood & Development Services department collects the fee, which may be paid in three installments, with the first installment due before the certificate of occupancy is issued. During fiscal year 2015, the 2009 Parking Revenue bonds was defeased early which eliminated the parking revenue bond’s debt service payments. The Parking Fund borrowed just under $2.5 million from the Landfill Cell Replacement Reserve to assist in the early defeasance. This loan will be paid off in fiscal year 2025. In fiscal year 2022, the Parking Fund borrowed $1,000,000 from the Landfill Cell Replacement Reserve to replace the automatic gate equipment at the various parking facilities. The following is a summary of those loans:

Principal Outstanding as of 6/30/24

Total Payment FY25

FY25 Principal

FY25 Interest

Final Payment

Loan

Date Loan Amount

2009F Revenue Bond Defeasance

11/1/2014 2,495,350 $

2025

$

198,611 199,777 $ $ 198,611 1,166 $

Parking Gate Equipment

6/30/2022 1,000,000 $

2032

$

811,808 107,750 $ $ 96,229 11,521 $

Revenues: Rates for the Parking System are set by the City Council. Parking System rates are reviewed annually. The following tables list hourly and monthly Parking System rates and charges as approved by the City Council. These rates include hourly rate adjustments that became effective on July 1, 2013, the monthly permit rate adjustments that became effective on July 1, 2017 and the fiscal year 2024 rate increase of $5.00 per month for monthly permits.

Hourly Rates and Charges Fiscal Year Capitol St. Garage

Dubuque St. Garage

Chauncey Swan Garage

Tower Place Garage

Harrison St. Garage

2025* 2018* 2014* 2007 2002 2001

$2.00

$2.00

$2.00

$2.00

$2.00

1.00 1.00 0.75 0.60 0.50

1.00 1.00 0.75 0.60 0.50

0.75 0.75 0.60 0.50 0.40

1.00 1.00 0.75 0.60 0.60

0.75

-- -- -- --

* Capitol Street, Dubuque Street and Tower Place facilities offer the first hour free.

432