University sets employee parking permit rates for next four years
Annual rates for all employee parking permits will remain the same for fiscal year 2014, which begins July 1.
In FY 2015 and 2016, gold permit rates will increase 4.5 percent and blue permit rates will increase 2.5 percent. In an effort to promote remote parking, there will be no increase in rates for yellow and orange permits.
All parking permits will increase 3 percent in FY 2017.
“An increase in parking permit fees is necessary to provide parking capacity to meet current and future needs of the university, and to provide approximately $1 million per year to support the facility renewal plan for university unions and recreational sports,” Tim Slottow, executive vice president and chief financial officer, told the Board of Regents on Thursday during its meeting in Dearborn.
Parking fees provide funding for debt service for new construction, operations and annual parking maintenance projects.
In June, the university will begin construction on a new 720-space parking structure located on Wall Street. The five-story structure will feature open space at both ends, including park-like landscaping with trees and water features for stormwater management and reduction of storm runoff to the Huron River.
The structure also will include infrastructure for electric-vehicle charging stations and a covered bus stop for park-and-ride use. The project is expected to be completed in July 2014.
University parking permit rates remain in line with parking rates in downtown city structures set by the Ann Arbor Downtown Development Authority.