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Public Hearing — Adopt Ordinance to Amend Parking Rates & Hours November 5, 2019 Page 4 With recent downtown business and residential growth and substantial mixed -use development, either under construction or near groundbreaking, it is critical that the City continue to effectively allocate resources — including the public parking network — to serve existing and future Downtown needs. As parking demands steadily increase, so does the expense of regulating and maximizing the utility of the City's parking structures and on -street parking spaces. The parking system is financed through the "Parking Enterprise Fund," which captures all parking revenue, including parking citation revenues. The Parking Enterprise Fund provides for cost recovery for day-to-day expenses, such as maintenance and operations, as well as contributions to downtown business groups and programs. Cost increases have outpaced parking revenue, and the modernization improvements depleted the parking fund balance. To continue funding of parking operations, dedicated police officers and contributions to the downtown groups, Staff proposes a meter rate increase of $0.50. RECOMMENDATION: City staff recommends a rate adjustment for the City's on -street parking meters. The rate adjustment will establish the parking meters rate in the Downtown Zone from $1.50 per hour to $2.00 per hour (Exhibit 1). The Willard Zone and Midtown Zone will remain unchanged. Additionally, Staff recommends to expand the hours of operation to include Sunday of each week from 8:00 a.m. to 10:00 p.m. within the Downtown Zone. The stakeholder participants and staff agreed that the recommended parking meter rate adjustment and hours of operations will not take place until January 1, 2020. Furthermore, Staff also recommends the implementation of two-hour grace period to be programmed at the four (4) parking facilities located in the Downtown Zone. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's effort to meet Goal #3 Economic Development, Objective #4 (Continue to pursue objectives that shape downtown Santa Ana into a thriving, culturally diverse, shopping, dining, and entertainment destination.), Strategy #B (create a comprehensive program manage parking that includes innovative strategies to provide parking, create revenue and enhance accessibility in the downtown). FISCAL IMPACT It is estimated that, the proposed meter rate increase will generate an additional $400,000 in annual Parking Enterprise Fund revenue (No. 02710002-53804) to help rebalance the existing fund expenditures. 75B-4