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PRINCIPLE No.9 Provide meaningful incentives to encourage structured and shared parking to make it more economicaLLy viable. Source: UU 1997 CURRENT PRACTICE Most communities do not specify the type of parking structure to be built (e.g., surface lot or parking garage). The type of parking facility constructed in a given area is a reflection of the cost cf land and construction expenses. In suburban and rural areas where land is relatively inexpensive, surface parking costs much less than a parking garage. However, in highly urban areas, garages may be more economical to build than purchasing additional land. ITE (1994a) discussed the influence of land cost on parking facility development. Where land is abundant and inexpensive, surface lots are usually built. In areas with higher land costs, multi-deck garages may be more economical per car space than open lots. For sites limited by size or extremely high land prices such as downtown business districts, combination facilities with vertically mixed land uses may be the most feasible. RECOMMENDED PRACTICE Vertical parking structures can significantly reduce impervious cover by reducing acreage converted for parking. Given the economics of parking lots, however, it is not likely that developers will be willing to build a parking garage when a surface parking Lot wouLd be cheaper. Local governments shouLd consider using incentives to encourage the building of multi-level, underground, and under-the-building parking garages. Incentives for defraying some of the costs of parking structures could come in the form of tax credits; stormwater waivers; or density, floor area, or height bonuses. One way that developers can eliminate land expenses is by incorporating parking into a multipurpose building. The parking is located above or below a ground floor level of retail establishments, with additional floors containing offices, hotels, or apartments. This reduces the land cost chargeable to parking (ITE, 1994a). Lastly, communities shouLd practice what they preach and use garages where feasibLe in the many parking areas they administer. PERCEPTIONS AND REALITIES ABOUT STRUCTURED PARKING The strongest impedim-e-nttQ structu-red parking is the high cost associated with construction or parking garages. The construction costs of vertical parking structures are significantly higher than of surface lots. ITE (1994a) pointed out that for a typical site, construction of an above-ground garage may be four times the cost per space in a surface lot. Construction costs for a parking garage can range from $7,500 to - 79 -