(a) Initial Fee. The fee for each two hundred fifty square feet of gross floor area in a development shall equal the sum of the construction, land acquisition, if any, and administrative costs attributable to the provision of one new parking space, as established by the city council on the basis of calculations made under this chapter. The fee shall be $30,250.00 per two hundred fifty square feet of gross floor area, and has been calculated based upon the feasibility study.
(b) Recalculated Fee. In the event the city council approves the construction of a public parking structure or structures, the city shall adjust the fee as follows:
(i) At the time the construction contract is awarded, the fee shall be adjusted to reflect the actual “design costs” incurred by the city for the construction project as of the date the construction contract is awarded, plus “construction costs” based on the construction contract award.
(ii) At the time the final payment is made upon completion of the construction project, the fee shall be adjusted to reflect the actual “design costs” and “construction costs” incurred by the city for the construction project.
(iii) The fee as recalculated pursuant to subsection (b)(i) or (b)(ii) may be higher or lower than the initial fee.
(iv) In the event that a construction project involves the construction of more than one parking structure, the recalculation of the fee shall be based on the structure with the highest cost per net new parking space.
(c) The rate of the fee shall be subject to annual adjustment for inflation pursuant to Section 16.64.110.
(d) For the purposes of this section, the following definitions shall apply:
(i) “Construction costs” shall mean and include the construction costs, as bid, including any authorized contingency or as paid, based upon actual construction. “Construction costs” shall include bond financing costs, if applicable.
(ii) “Design costs” shall mean and include architect fees, engineering fees and other consultant fees, as proposed or as paid, based upon actual performance. “Design costs” shall include bond financing costs, if applicable.
(iii) “Net new parking space” cost shall mean the cost to provide one new parking space in a public parking structure, and shall equal the sum of
the construction, land acquisition, if any, and administrative costs of the structure attributable to each space in the structure.
(Ord. 5400 § 7 (part), 2016: Ord. 4528 § 3, 1998: Ord. 4256 § 3 (part), 1995)