8c Parking Revenue Infrastructure Presentation
Item No. 8c supp Meeting Date: October 23, 2018 Parking Revenue Infrastructure CIP #C800870 Commission Meeting October 23, 2018 Sea-Tac Airport Parking Garage Serves as Airport's front door for a significant portion of the traveling public Parking Business Strategy Provide an exceptional customer experience in the garage by incorporating new technologies Build brand awareness through marketing Diversify product offerings to attract new customers and maximize revenue Be data-driven; utilize big data to inform potential impacts and/or opportunities to parking business Business strategy guides parking program and product development 3 Parking Program Development Business strategy guides parking program and product development 4 Current Garage Issues Airport/Garage-Specific Customer Service Size of garage Visual difficulty/time Design/layout of garage required to find an open stall Operational Environmental Inability to determine Increased vehicle emissions available stall inventory on in search for an open stall a real-time basis CIP800870 Parking Revenue Infrastructure 8th Floor Garage Time Lapse September 12,2018 (Wed) Scope of Work Solution Install a camera-based automated parking guidance system (APGS) throughout the parking garage (12,000+ stalls) Install 94 Level 2 electric vehicle (eV) charging stations on Floors 4 and 7 of the garage Upgrade electrical capacity in the garage to support project infrastructure CIP800870 Parking Revenue Infrastructure 7 Automated Parking Guidance System Installed down center of drive lane CIP800870 Parking Revenue Infrastructure APGS Benefits Addresses shortcomings in customer experience and ability to find a stall in the garage Reduces environmental impacts and CO2 emissions Provides operational efficiencies Enhances safety and security Gathers business intelligence data Potential incremental revenue opportunities CIP800870 Parking Revenue Infrastructure eV Charging Stations CIP800870 Parking Revenue Infrastructure eV Charging Station Benefits Enhances customer service Provides centralized charging locations Reduces environmental impacts and CO2 emissions Offer cost savings via integration with APGS CIP800870 Parking Revenue Infrastructure Project Budget Project Budget Cost Construction Cost (Directs, contingencies, etc.) $11.5M PMG & Other Soft Costs $3.4M ICT (APGS procurement Hardware, software, labor, etc.) $7.5M Project Contingency $0.5M TOTAL Estimated Project Budget $22.9M CIP800870 Parking Revenue Infrastructure Financial Analysis Key Metrics Value Project cost $22.9MM NOI* $21.8MM NPV $2.6MM IRR 7% Payback 10 years * Cumulative incremental net operating income after depreciation over an eight-year period. Financial analysis based on incremental revenue attainable between 70% garage occupancy (threshold where customer's ability to find a stall is negatively impacted) vs. actual maximum garage occupancy of 90%. CIP800870 Parking Revenue Infrastructure 13 Project Schedule & Funding Project Funding Deliverable Schedule Request Comm. Authorization, Design 10/2018 $10.9M APGS Vendor Selection via RFP Q2 2019 Design Complete Q1 2020 Comm. Authorization, Construction Q1 2020 $12M Construction NTP Q2 2020 Project Completion Q2 2022 CIP800870 Parking Revenue Infrastructure
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