On Monday, Drew Buchanan, who is running for mayor, announced his plans for downtown parking. The current mayor has had a plan for downtown parking on his desk for two years.
Mayor Hayward hired the West Florida Regional Planning Council to study downtown parking. Its report was delivered to city in July 2016. The West Florida Regional Planning Council made recommendations on how to decrease the demand for parking and increase supply.
To reduced demand, the consultants recommended resurrecting the downtown trolley circular route and establishing a bicycle sharing program. Ten bicycle sharing stations were listed, including the Pensacola Bay Center, Pensacola City Hall, Seville Square, Plaza de Luna and the downtown library.
On the supply side, the West Florida Regional Planning Council recommended a new parking garage near or within the Palafox Commercial Core, where parking demand is currently exceeding supply by 1,989 spaces, or the West End, where parking demand is expected to exceed supply in the near future.
Four locations for the garage were identified—North Palafox Street Lot (corner of Palafox and Gregory streets), Chappie James Parking Lot, Bayfront Stadium Parking Lot and South Jefferson Street/Commendencia Lots.
To pay for the garages, municipal bonds or public/private partnerships were recommended. The municipal bonds could be revenue bonds tied to parking fees, general obligation bonds secured by property taxes or local options sales taxes, special assessment bonds where those benefiting the most from the parking facility will be taxed; double-barreled bonds which are combination of all of the above; or tax increment finance bonds tied to the CRA.
Public-private partnerships have both sides share in the costs and benefits of financing, constructing, and operating a new parking facility. The private entity can provide the needed source of initial funding that is often lacking in a public entity’s budget. The private entity can benefit from the tax-free interest income generated. Revenues from the parking facility can then be shared by both entities.
The West Florida Regional Planning Council also recommended using incentives to get developers to build garages, such as reducing parking requirements, density bonuses and real estate tax abatements.
Unfortunately, the study is sitting on a shelf in city hall. None of the recommendations have been implemented. The next mayor should review the plan.