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Indigo, I hope this is of some help - it is Canadian but requiring payment in US dollars should make it worth more!
In our small town (7,700) the off street parking payment in lieu option has been around since 1987. To date we have collected enough money to build a 3 car parking lot. It was created to satisy a preceived lack of off street parking, where in effect there was no such problem. It is very political in it's implementation and fees have varied widely - from $1,000 per stall to $4,500. The option will likely be dropped in our next bylaw revision or cleaned up to be more effective.
PAYMENT-IN-LIEU OF PROVIDING OFF-STREET PARKING
(a) In lieu of providing off-street parking, an owner of land to be developed may, subject to the approval of council, pay to the municipality such amount of money on such terms as the council considers reasonable in return for the equivalent public parking space to be provided by the municipality elsewhere in the land use district.
(b) To be eligible for the payment-in-lieu provision, a minimum of 50% of the total parking requirement for the development shall be provided in accordance with section (A)1(b) of this schedule.
(c) A fund to be known as the "Off-Street Parking Fund" may be established.
(d) Any money received by the municipality in lieu of providing off-street parking spaces shall be paid into an Off-Street Parking Fund, and such money shall be used only for the development of municipal off-street parking facilities in the land use district from which the funds are derived.
(e) The amount of money to be paid into an Off-Street Parking Fund may be a per-stall charge based on the costs involved in the land acquisition, facility construction, and facility maintenance. The number of stalls to be used in the calculation of the per-stall charge shall be based on the requirements of section 2 of this schedule.
(f) The payment-in-lieu of providing off-street parking spaces applies only to the following land use districts: Retail Commercial Land Use District - C-1.
In our downtown district....if you meet 60% of our parking requirements (which I think are excessive) you can pay in lieu of the remaining stalls that you are short......which goes into the construction of municipal lots.......which provide the missing 40%.
We also allow joint parking between businesses, however, I think the businesses shouldn't have to provide any parking in our CCD district and rely on Municipal lots.......make the downtown much mor pedestrian friendly......but that is just my two cents.