A long-awaited, much discussed, parking plan for the Town Center Plan for Eagle Point passed its first hurdle last week as the Eagle Point Planning Commission passed it following a public hearing, with few questions asked. There will be another public hearing Tuesday, July 22 at the 7 p.m. city council meeting, after which a decision will be made regarding the plan.
One of the first concerns as the Eagle Point Economic Commission was established was parking and it was a topic in some form at the majority of the meetings until amendments to the current plan were finally ready to submit to the planning commission.
While there are many details to the plan, it basically allows a business to:
- Provide required parking for customers/tenants on the property.
- Enter into a joint use agreement with adjoining property owners for parking. Joint use parking cannot be further than 500 feet from the building or requiring parking.
- Or, pay a fee “in lieu” of providing parking. This fee would go to the city and be banked by the city to be used to construct municipal parking.
Twenty percent of the “in lieu” fee would be paid prior to occupancy with 10 percent of the initial remaining balance paid July 1 of each of the ensuing 10 years plus the state required nine percent minimum per annum interest.
The fee for each “in lieu” space was based on information derived from several sources. One source was from a real estate broker who provided the cost of commercial property sold on Hwy. 62, less $2 to $3 per sq. ft. and then computed to the cost of an acre of downtown property. Based on that data, an acre downtown would be worth $261,360 to $304,920. The city looked at actual sales downtown from 1995 to 2007 and found the average per acre would be $384,818. The city took that figure and the average of the two estimates from the broker. That figure gives a value of $333,979 per acre. The next step was to calculate the number of spaces per acre and the square footage for each. The bottom line cost for each “in lieu” space amounts to $4,260.
The parking amendments will come before the city council July 22, where once again, there will be a public hearing.
By Nancy Leonard
Of the Independent