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Pleasanton Planning Commission <br /> Re Downtown Parking Strategy <br /> 40 March 8, 2017 <br /> Page 3 <br /> space would be $31,256. If the 211 net new parking spaces were sold at the current <br /> parking in lieu parking fee of$19,117 per space, then $4,033,687 is generated, <br /> dropping the net construction cost from $6,594,980 to $2,561,293—to $12,139 per net <br /> new parking space. Of course there would be a land cost, but this is financially feasible <br /> even with land cost, perhaps 2% of the cost of the new Civic Center being proposed. <br /> More importantly, 211 in lieu parking spaces would support 300 sq. ft. of building space <br /> each, representing a potential for 63,300 sq. ft. of fully parked new building space—a <br /> boatload of new vitality for downtown. <br /> Context with Other Plans <br /> The Parking Strategy, the Civic Center Plan, and the Downtown Specific Plan all need <br /> to work together. The critical parking strategy, which needs to inform the Downtown <br /> Specific Plan, would be for the City to commit to provide a substantial increase in public <br /> parking spaces at locations within 2 blocks of most of downtown Pleasanton. <br /> Recommendation <br /> I ask that you approve the Staff Recommendation and improve it with the addition of a <br /> IPnew#1 Strategy as follows: <br /> 1. The City of Pleasanton commits to provide a substantial increase in public <br /> parking spaces within two blocks of most of Downtown Pleasanton. <br /> 'ncerely, <br /> ' IGwh01.C4 <br /> Peter MacDonald <br /> Enclosures: <br /> Report of the PDA Parking Committee <br /> Chart of Downtown Sales Tax Receipts (e.g. measure of vitality) <br /> Cc: Gerry Beaudin <br /> Shweta Bonn <br /> Laura Olson <br /> Scott Raty <br /> Vera Revelli <br /> Judy Wheeler <br /> 40 <br />