Title
Ordinance No. 20-73 amending Ordinance No. 19-87 (2020 Appropriation Ordinance) for a supplemental appropriation to the Parking Enterprise Fund in the amount of $1,100,000 for additional funding of smart technology parking meters
Presenter:
Scott Lee, Parking Enterprise Director
Chris Wheeler, City Budget Manager
Body
Summary:
The Parking Enterprise is requesting a supplemental appropriation in the amount of $1,100,000 for the purchase of smart technology parking meters to speed up the planned replacement of existing parking meters in the remainder of downtown and Old Colorado City. The 2020 budget for the Parking Enterprise Fund includes $500,000 to replace approximately 1,000 meters, and installation is in progress in the downtown area. The planned total of metered parking stalls is 3,000. This appropriation will allow for the purchase of the remaining 2,000 meters in 2020, rather than 2021 and beyond.
Background:
The original plan was to replace approximately 1,000 parking meters in 2020 utilizing the budget of $500,000. The remaining installation of 2,000 meters, to meet the goal of 3,000 total, was to be initiated in 2021. Other benefits to speeding up the replacement of existing meters with smart technology meters are:
? Contactless functionality - due to the COVID-19 pandemic, it is more important than ever to provide as many contactless services as possible and the smart meters utilize the free Park Mobile app to allow patrons to 'feed' the meter from their phone or device
? Reduced repairs of existing meters - there has been a significant increase in the amount of repairs needed for the existing (old) meters, leading to increased expenditures and lost revenue
? Removal of the 2- hour time limit - smart meters offer progressive pricing, standard rate for first 2 hours, increases for hour 3, and again for hour 4. This will encourage patrons to use the parking structures for longer stays, but will still allow for usage of metered...
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