Common use of Parking Pricing Clause in Contracts

Parking Pricing. Parking pricing may be established at the discretion of the Developer but shall be noncompetitive with the price for comparable transit fares. All parking spaces shall be priced at an hourly or daily rate as follows: A. On-site employees or residents (Reserved Parking): A minimum daily rate of $8 shall be charged, with the minimum hourly rate not more than 1/8th of the daily rate. B. Shared Parking (i.e. customers, visitors, and employees who choose not to obtain a reserved parking space): A minimum daily and hourly rate of at least 150% more than the rate charged to on-site employees and residents for reserved parking. If parking spaces are leased on a monthly basis, the monthly rate shall not less than twenty (20) times the minimum daily rate. The rate charged to local employees may vary significantly from those of park-and-ride transit users in order to discourage AM and PM peak period commute park and ride transit use. A variable parking rate for off-peak hours may also be introduced. The City shall ensure compliance with this provision as part of the annual compliance report required in Article 10 of this Agreement.

Parking Pricing. Parking pricing may be established at the discretion of the Developer but shall be noncompetitive with the price for comparable transit fares. All parking spaces shall be priced at an hourly or daily rate as follows: A. On-site employees or residents (Reserved Parking): A minimum daily rate of $8 shall be charged, with the minimum hourly rate not more than 1/8th of the daily rate. B. Shared Unreserved Parking (i.e. customers, visitors, and employees who choose not to obtain a reserved parking space): A minimum daily and hourly rate of at least 150% more than the rate charged to on-site employees and residents for reserved parking. If parking spaces are leased on a monthly basis, the monthly rate shall not be less than twenty (20) times the minimum daily rate. The rate charged to local employees may vary significantly from those of park-and-ride transit users in order to discourage AM and PM peak period commute park and ride transit use. A variable parking rate for off-peak hours may also be introduced. The City shall ensure compliance with this provision as part of the annual compliance report required in Article 10 of this Agreement.