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space on a site like that. So that's kind of the high -end. At the low -end is the Bank of America site and the range here is quite large in terms of the number of spaces and it really depends on how much of the site you use. $34,000 - $39,000 per space depending on the size of the garage. The reason we put this in here is really to highlight the cost that comes with structured parking and to maybe remind folks that we have a lot of management strategies we haven't tried yet in addition to adding supply in the transportation corridor. Doing things like shared parking allow us to better leverage the 3,000 plus spaces we have in the downtown. If this same Bank of America site were willing to enter into a shared parking agreement with us, the number of spaces at this end of downtown would greatly increase. We need to consider those options before we push down the path of a parking structure. Then at the other end of downtown we're finishing up the other end of the transportation corridor, and that seems like a pretty good option when you stack it up against an option like this in terms of the dollars we would need to invest. Commissioner Balch: What's our in -lieu fee cost? Beaudin: $19,000 for surface parking spaces and we haven't done a calculation for structured parking spaces so we're charging $19,000 across the board. Commissioner Balch: Okay. How is that set or determined and how annually? Beaudin: It's built into the code. Basically, it's something we really haven't tried to update. Commissioner Balch: Is a dollar amount set? Is it escalated in the code? So it's at CPI? Bonn: Yes, it's adjusted by engineering. Beaudin: It's set to a construction index that goes up with but it's a small percentage annually. It's not like it goes with market cycles. It could decrease theoretically, but rarely does. Commissioner O'Connor: So what's the true cost of a surface parking spot? Beaudin: Well, that's what we were trying to ascertain here. Again, without the land cost in it, we were trying to get a ballpark for what it would cost in Pleasanton at this point in time and the lowest number we came back to was $34,000 without land. Commissioner Nagler: We will recall that at one point in the context of a particular application we questioned the $19,000 and suggested that when we got to this project and tried to determine a true cost of filling a surface parking spot, that we might agendize the discussion for ourselves with an eye towards recommending to the City Council an adjustment of that in -lieu fee. Commissioner Balch: It sounds like we were insightful and I agree. PLANNING COMMISSION MINUTES, August 24, 2016 Page 26 of 39