LexPark’s current pricing is $1 for every 18 minutes. The parking authority is proposing a $3 rate for the first 30 minutes and $4 for each hour after. It would raise the maximum daily rate from $12 to $19.
LexPark Executive Director Laura Boison made the proposal to the Lexington-Fayette Urban County Council during their Tuesday work session.
“We were remarkably below market and remarkably below the capacity to sustain this business three years ago,” she said. “So we have had to do almost a consistent three-year path to get things up to where they should be to sustain the business.”
The agency spent $1.3 million to maintain their garages in the past year, part of a $15 million project. LexPark also needs to spend $500,000 to upgrade its aging technology.
“We are now at seven years on our meters. We have to look at that, they're at their end of their useful life,” Boison said. “Our flash equipment is at its seventh year. Those are the kiosks when you come into the garages, those need to be replaced.”
Council members decided to postpone making a decision to discuss the topic further. They have around a month to make a decision to approve the rate increase in the upcoming city budget.
If the rates are approved, they would go into effect Sept. 1 at the Helix, Courthouse and Victorian Square parking garages. The new rates would go into effect Jan. 1 at the Transit Square garage.
