Lexington Parking Authority Seeks Revenue Increase from an Alternative Source
Lexington, KY: The Lexington and Fayette County Parking Authority are aiming to expand their revenue stream to tackle the substantial maintenance costs and add new security measures. According to their upcoming year’s budget, the Authority needs an additional revenue source to cover approximately $12 million in garage upkeep, plus the establishment of a more robust camera security setup.
Increasing Penalty Charges and Monthly Fees
To generate this extra income, the Parking Authority plans to increase the citation penalty from $15 to $25. Moreover, regular users of two primary parking structures will face a $5 increase in their monthly fees. The revenue from these increases would be specifically allocated to cover inflation costs and meet community expectations.
Parking Authority Director Laura Boison stated that “the additional money would be used to keep the parking structures viable. We’re not upgrading, we’re not adding spaces. We’re just maintaining their safety and adequacy. Our main aim is to ensure they’re safe and appropriately lit.”
Awaiting Council’s Approval
The Parking Authority’s budget, containing these proposed amendments, is currently awaiting approval from the Council. If it gets the green light, these changes will come into effect in September.
Past Controversies around Street Metering Rates Increase
Recalling the significant discord among public members in early 2023 over a proposed increase in street metering rates and extended hours, the Parking Authority tweaked the rate package. The modified plan omitted Saturday hours and set daily metering from 9:00 a.m. to 7 p.m. More than half of the estimated $12 million maintenance cost –- nearly $6 million -– is expected to go towards repairs of the Helix structure, a 58-year-old brightly lit parking facility near City Hall.
The Future of Lexington Parking Structures
Director Boison acknowledged the inevitable need to replace some structures, stating, “At some point we do have to start considering scraping and starting over.” However, she also noted that the lifespan of these structures could be extended if they’re sustained appropriately.
According to Boison and Parking Authority Board Chair Jim Frazier, a chunk of their monetary issues can be traced back to a land-street swap deal between the City and the University of Kentucky. As a result of the deal, the Authority has lost a significant number of street meters, causing a dip in their revenue source.
The Lexington and Fayette County Parking Authority continue to strive for financial sustainability while ensuring safe and adequate parking facilities for the residents of Lexington, KY.
