File No. 11-0733 TRANSPORTATION COMMITTEE REPORT relative to changing the pricing structure for the Hollywood and Highland Parking Facility.

Recommendations for Council action:

1. AUTHORIZE the Los Angeles Department of Transportation (LADOT) to change the pricing structure for the Hollywood and Highland Parking Facility (Municipal Parking Lot No. 745) located at 6801 Hollywood Boulevard, for five calendar years, 2018 to 2022 as shown in the revised Attachment 1 dated April 24, 2018 and attached to the Council file.

2. SUPPORT the LADOT's effort to update the Hollywood and Highland Parking Facility through capital improvement investments.

3. DIRECT and AUTHORIZE the LADOT to conduct a new parking study in four years to re­ evaluate the pricing structure of the Hollywood and Highland Parking Facility to ensure parking rates are competitive and flexible with competing parking facilities within the Hollywood area and to take into consideration operational changes and maintenance costs.

4. RECEIVE and FILE the accompanying LADOT reports dated November 29, 2016 and September 19, 2017.

Fiscal Impact Statement: The LADOT reports that this action will not impact the General Fund inasmuch as revenues and expenditures for this facility are credited to or charged against the Special Parking Revenue Fund (SPRF). The proposed pricing structure expects to generate an estimated five percent increase or approximately $3.4 million in revenue for the SPRF.

Community Impact Statement: None submitted.

SUMMARY

In a report to Council dated April 11, 2018, LADOT requests authority to change the pricing structure for the Hollywood and Highland Parking Facility (Municipal Lot No. 745) that will increase annual revenue by an estimated five percent to partially fund a list of proposed infrastructure projects. The revised hours and rates are presented in Attachment 1 of the Department’s report.

According to LADOT, the new pricing structure partially funds infrastructure improvement projects to update the parking facility into a technologically advanced parking garage. The new rates and hours begin in calendar year 2018. New morning rates and a new weekday monthly rate are set to increase weekday parking use of the parking facility.

LADOT goes on to report that the estimated total revenue generated by this change in pricing structure for the period 2018 to 2022, is approximately $3.4 million. The cost of infrastructure improvements for the next five calendar years is estimated to be $9.3 million. LADOT will identify cost savings and surplus revenue through the budgetary processes to offset the $5.9 million difference. At its meeting held April 24, 2018, the Transportation Committee recommended that Council approve the revised parking structure for the Hollywood and Highland Parking Facility, as amended to approve revised Attachment 1 of the LADOT report dated April 11,2018 presented at Committee.

Respectfully Submitted,

TRANSPORTATION COMMITTEE

L- MEMBER VOTE BONIN: YES MARTINEZ: YES KORETZ: ABSENT

JAW

-NOT OFFICIAL UNTIL COUNCIL ACTS-