HomeMy WebLinkAboutStaff Report 4.E Document Received After Agenda Distribution 1RNANCIALANALYSIS
Prepared for: Basin Street Properties
Project Number— 33-1608.00
WALKER
�4
'ARK N Ei.a'JT ,PJ S
November 25, 2008
Mr. Stephen R Finn
Partner
Morgan, Lewis & Bockius LLP
One Market, Spear Street Tower
San Francisco, CA 94105-1596
Re: Petaluma Theatre District Parking Garage - Financial Analysis
Walker Project Number 33-1608.00
Dear Mr. Finn:
135 Main Street, Suite 1030
San Francisco. CA 94105
Voice: 415.644.0630
Fax: 415.644.0637
www.walkerparking.com
Walker Parking Consultants is pleased to submit our Financial Analysis for your review. Based
upon the results of the enclosed analysis we would highlight the fact that the City of Petaluma
("City") could benefit by extending the existing twenty-year Parking Garage Easement and
Operating Agreement for an additional forty years.
While the value of an extension can be viewed from several perspectives, two relevant items
would include the value of the physical public parking spaces (216) allowed pursuant to the
agreement, and the long-term potential revenues generated from implementing paid parking at the
Petaluma Theatre District garage. These are relevant points, as the City currently benefits from the
free parking offered at the garage for its merchants, residents and visitors. It is reasonable to
assume that the City would desire to continue their relationship with Basin Street Properties and
Petaluma Theatre District Parking, LLC, and enjoy these benefits for many years by extending the
term of the existing agreement and utilizing the spaces into the future.
For this report, we quantified the physical value of the spaces by calculating the estimated land
acquisition and development costs associated with constructing 216 new surface or structured
public parking spaces. In addition, we analyzed the revenue stream and long-term value of the
shared income to the City that could possibly be generated through the implementation of paid
public parking and collection of parking fees.
In order for the City to develop new public parking spaces and replace those utilized under the
easement agreement we project it would cost approximately $ 3.0 million to acquire the land,
design and construct a surface parking lot. In addition, approximately $ 9.3 million in land
acquisition, design and construction costs would be required to replace the spaces in a parking
structure. This pending financial burden could be lifted provided the easement agreement is
extended. Moreover, our projections show that the City could realize more than $ 7.1 million in
Mr. R. Finn
WALKER November 25 2008
��w��cco��nozxwr '
Pon*3 of 21
new revenue related to their shared portion of the revenue generated from implementing paid
public parking at the garage.
The enclosed report is comprised of a brief vvhtb*l summary of the information used to develop
spreadsheets that detail the results Of our ana|yGeS The spreadsheets follow the written text and
are included as an Appendix to the report. Please note that our analysis iebased on limited data
and 0Vrnp|Eted in G short timeframe. As reSu|t, the revenue and expense projections are giwBn
onanorder ufmagnitude basis.
Thank you for the opportunity bo participate in the project, and please do not hesitate to contact
nxawith any questions nrcomments about the enclosed Financial Analysis.
Respectfully submitted,
VVALKERPAFXING CONSULTANTS
Phillip Gchraga|
RarkingComsukant
mz FaulAmjmnion—BasinStree ma
MattVVhitg—BasinStrgetFr)pertiee
Enclosure
PETALUMA THEATRE DISTRICT PARKING GARAGE WALKER
FINANCIAL ANALYSIS
NOVEMBER 2008 PROJECT # 33-1608.00
Basin Street Properties (Basin) and Petaluma Theatre District Parking, LLC (Parking LLQ retained Walker Parking
Consultants (Walker) to provide a financial analysis to project the annual net operating income that could be
generated from the implementation of paid parking at the Petaluma Theatre District garage. In order to fulfill
the requirements of the study, Walker proposed a suitable parking rate structure that is competitive within the
existing market and created a financial model to project future parking demand, annual parking revenue, and
the annual operating expenses associated with implementing paid public parking at the site.
The garage is located in a developing section of downtown Petaluma, California and currently is open to the
general public for parking on a daily basis. The garage serves a mixed-use development comprised of retail,
office and 100 residential units, as well as a 1,400 seat Cineplex. Residential parkers are served by a 100 -
space nested area with access control equipment. Parking LLC is obligated through a tenant lease agreement
with the Cineplex, to provide 250 spaces free of charge daily until 5:00 p.m. for cinema customers and 350
spaces free of charge in the evening and on weekends. In addition, for another 17 years Parking LLC has an
easement agreement with the City of Petaluma to provide 216 spaces for use by the general public during
normal operating hours.
Basin provided Walker with information on the development that included the approximate square footage of
the office, retail, casual and fine dining restaurant components, and the size of the Cineplex. We used the
information to develop a shared parking model that projects peak vehicle demand throughout the year. The
peak demand projections were then utilized to assess potential parking demand for the project site and
develop the annual revenue models. The shared parking demand model is shown in Table I of the Appendix.
To calculate the projected revenue that could be realized from implementing paid public parking we created a
model to project the number of vehicles that would utilize the garage on an annual basis. Since parking is an
elastic business, the number of cars parking daily at any location varies, not only from day to day, but also
from month to month and is based upon several factors including, but not limited to; current economic
conditions, weather, special events that may occur in the area, employee travel and vacation schedules and
seasonality.
To assist in calculating the annual demand for the Petaluma Theatre District garage, we developed projections
using the peak demand from the shared parking model to determine the number of annual vehicles that would
choose the structure as their final parking destination. In addition, we conducted a survey of cities surrounding
the garage site to ascertain market conditions.
PETALUMA THEATRE DISTRICT PARKING GARAGE WALKER
FINANCIAL ANALYSIS
NOVEMBER 2008 PROJECT # 33-1608.00
Utilizing the shared parking peak demand, we developed Table 2, which summarizes our projection of
vehicles that would park in the structure on an annual basis. The annual vehicle projection table applies a
stabilization factor and a percentage of peak demand multiplier to the estimated peak demand to project
conditions under slow, moderate and peak operating conditions in an effort to incorporate seasonality into the
model. The peak demand is initially multiplied times the stabilization factor and then times a percentage of
peak demand; the resulting vehicles calculated are then multiplied times the estimated number of slow,
moderate and peak days throughout the year to determine the approximate number of annual vehicles.
1�111�011�11�
We developed a parking revenue model utilizing the annual vehicle projections and a parking rate structure
that we believe is competitive in the current parking market. The model assumes that residential, daily transient
and retail parkers would pay to park in the facility. Retail customers would benefit by paying reduced rates
associated with a validation program that would be implemented and initially offer three hours of free parking
with validation.
Revenue collection would be monitored and controlled with a parking access and revenue control system
(PARCS) that would be purchased and installed by Parking LLC. Cinema customers would also benefit from
the validation program by parking free of charge during the day and on weekends. In addition, for the initial
40 years of the pro forma analysis we assume that parking after 5:00 p.m. would remain free to all users of
the facility.
The initial validation program would remain in effect for the first four years of operation and in subsequent
years would offer two hours of free parking with validation. The model escalates both revenue and expenses
3% per annum throughout the remaining years included in the pro forma analysis. In Table 3, we show the
projected average ticket calculations and rate structure for the initial year of operation (2010j, the fifth year of
operation (2014j, when the validation program is reduced from three hours free to two hours free, and finally,
for the year (2046) in which paid parking is implemented in the evenings and the validation program offers
one hour of free parking.
The projected revenue that could be realized by implementing the proposed rate structure is detailed in the
spreadsheet shown in Table 4 in the report Appendix.
Table 5 summarizes the projected annual operating expenses associated with implementing paid public
parking at the facility. Our analysis assumes the operating expenses for maintaining the parking facility that
are already incurred by Parking LLC will remain their responsibility.
Going forward, any direct expenses incurred for labor, payroll taxes, workers compensation, fringe benefits,
PARCS purchases and maintenance, supplies, contracted services and general expenses associated with paid
public parking would be paid with revenue generated from the paid public parking operation and any
remaining net revenue would be shared with the City.
2
PETALUMA THEATRE DISTRICT PARKING GARAGE WALKER
FINANCIAL ANALYSIS
NOVEMBER 2008 PROJECT # 33-1608.00
The expense model assumes the following; a pay on foot operation with an allocated portion of a facility
manager that will oversee the location, and an allocation for customer service representatives that would be
present at the facility to answer customer questions, monitor activity, service the pay on foot stations and
parking equipment, reconcile daily sales and deposit the daily parking revenue into the owner's bank.
The expenses do not include any other ancillary staffing (i.e. cashiers or customer service employees, and
assume the cost of security coverage and annual real estate taxes assessed on the property are paid by
Parking LLC.
Based upon the projected annual revenue and operating expenses required to operate the facility, Table 6
provides a sixty -year net operating income analysis for the project.
The pro forma for the proposed parking structure projects cumulative annual net operating income of
approximately $14.3 million for the life of the analysis. The pro forma further assumes that Parking LLC will
share 50% of the net operating income with the City; resulting in a revenue share of $7.1 million for the City
of Petaluma over the life of the agreement.
If consummated, the proposed extension to the easement agreement would save the City from having to incur
any expense related to replacing the 216 public spaces that Parking LLC is currently obligated to provide once
the 20 year agreement expires. To calculate the monetary value of the spaces, we developed Table 7, which
is included in the Appendix.
In conclusion, extending the existing 20 -year agreement by 40 years through the implementation of paid
parking at the Petaluma Theatre District garage could possibly benefit both Parking LLC and the City of
Petaluma by providing cost savings to the City, and added revenue for both parties in future years.
3
PETALUMA THEATRE DISTRICT PARKING GARAGE WALKER
FINANCIAL ANALYSIS
NOVEMBER 2008 PROJECT # 33-1608.00
1. This report is to be used in whole and not in part.
2. Walker's report and recommendations are based on certain assumptions pertaining to the future
performance of the local economy and other factors typically related to individual user characteristics
that are either outside Walker's control or that of the client. To the best of Walker's ability we
analyzed available information that was incorporated in projecting future performance of the
proposed subject site.
3. Financial projections presented in this report are conceptual estimates in nature. The projections in
this report will differ from actual results.
4. All information, estimates, and opinions obtained from parties not employed by Walker Parking
Consultants/Engineers, Inc. are assumed to be true and correct. We can assume no liability
resulting from misinformation.
5. None of this material may be reproduced in any form without our written permission, and the report
cannot be disseminated to the public through advertising, public relations, news, sales, or other
media.
6. We take no responsibility for any events or circumstances that take place subsequent to the date of
our field inspections.
7. The quality of a parking facility's on-site management has a direct effect on a property's economic
viability. The financial projections presented in the analysis assume responsible ownership and
competent management. Any departure from this assumption may have a significant impact on the
projected operating results.
8. The estimated operating results presented in this report were based on an evaluation of the overall
economy, and neither take into account nor make provisions for the effect of any sharp rise or decline
in local or national economic conditions. We do not warrant that the projections will be attained,
but they have been prepared on the basis of information obtained during the course of this study and
are intended to reflect the expectations of a typical parking patron.
9. This report was prepared by Walker Parking Consultants. All opinions, recommendations, and
conclusions expressed during the course of this assignment are rendered by the staff of Walker
Parking Consultants as employees, rather than as individuals.
10. This report is set forth as a market and financial analysis of the proposed subject property: this is not
an appraisal report.
11. The conclusions and recommendations presented in this report were reached based on Walker's
analysis of the information obtained from the client and our own sources. Information furnished by
others, upon which portions of this study are based, is believed to be reliable; however, it has not
been verified in all cases. No warranty is given to the accuracy of such information. Any significant
differences between these assumptions and actual performance may have an impact on the financial
projections of the subject parking operation.
11
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
NOVEMBER 2008
Table 1: Shared Parking Analysis
33-1608.00
Land Use -Transient Demand Input 2
Units
Weekday
Weekend Capture Ratio 3
W eekday
W eekend
Fbtail Customers 125,000
s.f.
290
260
90.0%
261
234
P,etail Employees
40
38
Casual Dining Customers 12,000
s.f.
69
125
90.0%
62
113
Casual Dining Employees
9
12
Fine Dining Customers 7,500
s.f.
51
99
90.0%
46
89
Fine Dining Employees
8
12
Cineplex Customers 1,400
seats
186
227
90.0%
167
204
Cineplex Employees
8
11
Office -Visitors 95,000
s.f.
19
0
90.0%
17
0
Office Employees
227
0
P,esidential Owners/ F?,enters 100
units
70
98
100.0%
70
98
Fbsidential Visitors
3
14
Transient Demand (excludes employees/ visitors)
685
809
624
738
Employee/ Visitor Demand
295
87
90.0%
266
78
Peak Demand
980
896
889
816
' Peak weekday demand at 2:00 p.m. in December, peak weekend
demand at 8:00 p.m. in December per
W aIker's Shared Parking Model.
2 GLA represents the approximate gross leasable area.
3 The capture ratio represents the percentage of weekday
and weekend vehicles that
choose to park
in the Basin Street facility.
Source: Walker Parking Consultants
5
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
161119711111113,111,1111111 low 0=0 31
Transient 'Sow 889 50% 422 47.295
Transient -Moderate 880 85.096 7096 501 130.652
Tramdent-Peak 880 05.096 90% 760 24.323
Total 554 385 202,270
�
Stabilization factor is the percentage ofvehicles roa|izod in relation to the
developments maturation process.
e Fbpreeentsdhe percentage of peak demand that will park on slow, moderate and peak
days throughout the year.
u
Fbpneaantothe overage vehicle exits on slow. moderate & peak days.
Source: Walker Parking Consultants
33-1608.00
1101
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
161 ME WITITRIT11 low 0=0 31
33-1608.00
Source: Walker Parking Consultants
G
Tickets
Ticket Pct.
Pate
Pevenue
CategoCategory
Tickets
Ticket Pct-
Fbte
Revenue
..ry
Transient - F;bgular
100
Transient - Fegular
100
Transient - Fegular
100
< 1 hour
3
3.0% $
0.50
$ 1.50
< 1 hour
3
3.0% $
1.00
$ 3.00
< 1 hour
3
3.0% $
4.00
$ 12.00
< 2 hours
5
5.0%
1.00
5.00
< 2 hours
5
5.0%
1.50
7.50
< 2 hours
5
5.0%
6.50
32.50
< 3 hours
6
6.0%
1.50
9.00
< 3 hours
6
6.0%
2.00
12.00
< 3 hours
6
6.0%
7.50
45.00
< 4 hours
7
7.0%
2.00
14.00
< 4 hours
7
7.0%
3.00
21.00
< 4 hours
7
7.0%
9.00
63.00
> 4-10 hours
18
17.5%
5.00
87.50
> 4-10 hours
18
17.5%
5.00
87.50
> 4-10 hours
18
17.5%
11.00
192.50
> 10-12 Hours
1
1.0 %
6.00
6.00
> 10-12 Hours
1
1,0%
6.50
6.50
> 10-12 Hours
1
1.0%
12.00
12.00
> 12-24 hours
1
0.5%
7.00
3.50
> 12-24 hours
1
0,5%
7.50
3.75
> 12-24 hours
1
0.5%
14.00
7.00
Total -Transient/ Fbgular
40
40.0% $
3.16
$ 126.50
Total -Transient/ Fbgular
40
40.0% $
3.53
$ 141.25
Total -Transient/ tagular
40
40.0% $
9.10
$ 364.00
Transient -Validated
Fbtail -Validated
Fbtail -Validated
< 1 hour
3
3.0%
-
$ -
< 1 hour
3
3.0%
-
$ -
< 1 hour
3
3.0%
-
$ -
< 2 hours
7
7.0%
< 2 hours
7
7.0%
-
-
< 2 hours
7
7.0%
4.00
28.00
< 3 hours
43
43.0%
< 3 hours
43
43.0%
1.00
43.00
< 3 hours
43
43.0%
6.00
258.00
< 4 hours
4
4.0%
2.00
8.00
< 4 hours
4
4.0%
3.00
12.00
< 4 hours
4
4.0%
9.00
36.00
> 4-10 hours
2
2.0%
5.00
10.00
> 4-10 hours
2
2.0%
5.00
10.00
> 4-10 hours
2
2.0%
11.00
22.00
> 10-12 Hours
1
0.5%
6.00
3.00
> 10-12 Hours
1
0.5%
6.50
3.25
> 10-12 Hours
1
0.5%
12.00
6.00
> 12 -24 hours
1
0.5%
7.00
3.50
> 12-24 hours
1
0.5%
7.50
3.75
> 12-24 hours
1
O.5%
14.00
7.00
Total -Transient/ Validated
60
60.0% $
0.25
$ 24.50
Total -Transient/ Validated
60
60.0% $
1.20
$ 72.00
Total -Transient/ Validated
60
60.0% $
5.95
$ 357.00
100.0%
1W0%
100.0%
Cinema -Validated
Monthly-Fbgular
75
75.0% $
50.00
$ 3,750
Monthly-Fbgular
75
75.13% $
57.00
$ 4,275
< 1 hour
2
2,0%
-
$ -
Monthly - Employee
25
25.0%
25.00
625
Monthly - Employee
25
25.0%
26.00
650
< 2 hours
3
3,0%
2.00
6.00
Total -Monthly
100
$
43.75
$ 4,375
Total -Monthly
100
$
49.25
$ 4,925
< 3 hours
86
86.0%
2.00
172.00
< 4 hours
5
5.0%
9.00
45.00
> 4-10 hours
3
3.0%
11.00
33.00
> 10-12 Hours
1
1.0%
12.00
12.00
> 12-24 hours
0
0.0%
14.00
-
Total -Transient/ Validated
100
100.0% $
2.68
$ 268.00
Monthly-Fbgular
75
75.0% $
145.00
$ 10.875
Monthly -Employee
25
25.0%
72.00
1,800
Total -Monthly
100
$
126.75
$ 12,675
Source: Walker Parking Consultants
G
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
NOVEMBER 2008
Table 4: Projected Pievenue
P.." 16— D. -I F�6g.
33-1608.00
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FINANCIAL ANALYSIS
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I
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
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Source: Walker Parking Consultants
33-1608.00
[us
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
161 ME WITITRIT11 low 0=0 31
P ks - 16ar.. F.6,9, LLC ErF-Prmacrr:ne
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PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
161 ME WITITRIT11 low 0=0 31
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IVA
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
161 ME WITITRIT11 low 0=0 31
P tk- 16.D.k.=1P 9urr4. 11C. Erf.
E.c.krma Fm:Wo-a
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Mca34.r
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tt.dtl,:'rA.dF
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7.ceoW E.p..a..
Source: Walker Parking Consultants
33-1608.00
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80.141 7.7@.052 144:7E4 10'•206 114,43,7 717.71' 11 14? 174.65:l:4,297 879:710 177.954 13..E:•5i 74.47 144.v.'6 l59,34ri i_':. 351
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5.44' E 521 4..41 E.79? ._ t.776 i.IS • .7.1 E'4 7.405 .. '.956 EX1 9.114 E, fS4 9.44: X
16.075 7_.55? 1?:354, "8'.545 WE:Y.S 13.43_ 17.7.5 14..7'•7 _m.]t,] a4.xr4=l.ti�'v 2?.3.1 :2.414 23,&A 24.314 =5.444
24.344, :'.0{7 27.775 e.753 a4,r_5 30.543 3'1.4•?1 32.351 33.121 34..57 35.354 30.418 37.503 3E. e;:3 NG 7E.7 4.:•..31
4.5'4 577 4.731 '.144 7,4:7 .7.42? E-52 3.OEE S.]]0 4.5 E•- 8.334?4 4,8.'? 9,44.' 7•:.:4,5
S 2070.42: 5 :0., 9 5 293.177 5 31=.565 5 .25153 S 2]2.43.3 S 23:"3.:54 S 147.8?: 5 i54,53t 5 262.17-, 5--n..03? S 276.119 5 Ht.493 5 2:5--.-7 5 30.7.45"3 5 383.-:7
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?,?c•7 7.418 3;57 1.t'1 ?,'a? 7.e45 4.:12 4.833 4,15t 4,a E4 4.515 4.5:1 4,700 4,=14 ME, 7.:73
4_3, 437 4:� 464 479 44: X7 3,_? 570 `:".4 371 °;^.S 607 577 d6: ttI
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13
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
161 ME WITITRIT11 low 0=0 31
Peh3luma Th-dre Dmlml Par6q. LK-3ummecr; ci Netlni= -
3 3-1608.00
Ass.'= O3 ns"
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-R}+}n_w 3n2}xp}ns}s ]•}'n. —a
3 -A ssr}S sh} ss'aanl*]1. V'3113i,2 _N'X,:} :Z-Fclrt Ws al ha 2;o4:;-4ni 3-4 95s'.
4 -VZ�2 xi,4 mg Is Xms }'•1 n'}] Xn 22.'0 lNh 33118: 1,7]nSi}'i!.'n]nlq' •3145 & 220,1 V30 a•343']'}� 'Wf S u23,0; 33S'. --}s
xh}.•31Xi3i'an F%'9n3R ]lfrs 3 h31'7 k-", 4'"Fn .♦"9 341}• r. 21 m..fssla in'sryhai.
5-A ss:A}s 3 ms's S}.� ias3 Xn esa;',I 3}'+a'i] In �.•}5' ]n} 3t ti17 �Ldn 1 fi`.y Xn 8•}3' !'1++3. �3GX'ns 13 :'I�°
gJ]4 X42}7 Xn "'qi3 •NYy}y i"�?7 �.I
v-G34'*imj Is Sr3i11,z}l in_0X4]n3 *']433'}7 V30� Zi Mg]svW as 144 ]jp'ny1X33153'X r}g s]r 317}7
h]srs lr}}, ,ZYi2zLrd -j L? f]• ha 3.2 h3ur
-A RW' 20,1 X}m A R s, ips•. }xlaesl3nx I:?4:41, �S} n} .a 'w'd L a :�*�^as° h•. i-- -2 :'r 'c 5 hu: •s;'y.P
6'31'331+-•n 6x•111 6, . N,: l"}y, v3 Ma31}s •310 Ov 9 3 hca•.
-Ex,;ans}s Inc 'L an�' : as+s assxr]1}2'oh X'.Fi, }nnna r•s3 M3 rtia 4 mg; ass^ ;is char A Ae ' d Ey
awn}• 1] 3F931}!h} if .},,.a Xn'h} awn}+•s wanslbthy
P-Exlans}s incbw 3 $S9a ft o �•ars} a-^ t3:}i 3i 5%:''}I;1}1}ars. u7 3, 3d,ng 33.}53 312 a,ntrsl
spl— lrAR:.-SJ sss•.X'*,sx 3n }1}.an g}]• ilx'.Y:k} an VARvS 1}011,,7 n s::rnna ]^�_.'1'Xz}s°•s x.vr,}ns —11. Ili. h—
Xn!a]°}a° 33 3n }x'rYyn S} X1}R X}i}r}n "}]rs h;i'43h1'}',
m
2C4,19 201C'
yjll
2012
X013
2014
2015
201'6
y 16
Y
Lirrcntoe
- 1G^5,151
11 mG4
125, .5'
I F.236
11
.iss
14-F -8
14'�.72�
I m4.22
156.343
16.1.6133
I£521
173,.77
178764
I °4.143
139,'37
.3
IX5
2C1.�23
2?29]
.,
213.476
.=Exgr
141,
7
IS�'2
,�e2
,:
�
2.3
S
.
G4
.0°2G'
Cf -.673
7=,
Net lnccme ILab" :Jr e}
136.77-;',
137.3371
131.=651
13:0.3231
121.1261
11.).557,1
55,574
57.242
56.959
X3.723
62.550
54.426
19.54°_.1
114.90.71
112.61$1
lO.btb{
1345J,
73.372
80•723
+i1Ue 1C 1_l V V vjlA:''
I Ia•J El.r
I I "S.Eh+41
115•,'-'J1
I l a. 16AI
I IG -•='141
h1. `J,y1
1'E'.62I
x-1.4:`4'
J°JA64
J 1.2,15
32.111 J
14•.,.,41
i; .4 J1
I6,4eJA
iS.JJ31
I4,!'a-.r
JY, 1 b,5
41:;J511
Ncilrram--Basin`tr".i
118.36,!
118.69AI
11S•7`331
115.1641
11 Cl. 5641
P.772!
27,727
26.621
2D.479
3°3.364
31.275
32.213
14.7741
i7.4531
1°5.4+-Pl
iS.3331
14.2251
39.169
40.362
Ass.'= O3 ns"
-u.a +7-3 is :3'3u1]+��"'ry _?"ip Lu3's 312 ass: -ss 143P iM i,,y •:�a•}i Fez � X�r }�nr3"Xr'X v� �e3" �•4a!s,� is
Xns1''ru4ta Xn c}l3b,3, ::a.
-R}+}n_w 3n2}xp}ns}s ]•}'n. —a
3 -A ssr}S sh} ss'aanl*]1. V'3113i,2 _N'X,:} :Z-Fclrt Ws al ha 2;o4:;-4ni 3-4 95s'.
4 -VZ�2 xi,4 mg Is Xms }'•1 n'}] Xn 22.'0 lNh 33118: 1,7]nSi}'i!.'n]nlq' •3145 & 220,1 V30 a•343']'}� 'Wf S u23,0; 33S'. --}s
xh}.•31Xi3i'an F%'9n3R ]lfrs 3 h31'7 k-", 4'"Fn .♦"9 341}• r. 21 m..fssla in'sryhai.
5-A ss:A}s 3 ms's S}.� ias3 Xn esa;',I 3}'+a'i] In �.•}5' ]n} 3t ti17 �Ldn 1 fi`.y Xn 8•}3' !'1++3. �3GX'ns 13 :'I�°
gJ]4 X42}7 Xn "'qi3 •NYy}y i"�?7 �.I
v-G34'*imj Is Sr3i11,z}l in_0X4]n3 *']433'}7 V30� Zi Mg]svW as 144 ]jp'ny1X33153'X r}g s]r 317}7
h]srs lr}}, ,ZYi2zLrd -j L? f]• ha 3.2 h3ur
-A RW' 20,1 X}m A R s, ips•. }xlaesl3nx I:?4:41, �S} n} .a 'w'd L a :�*�^as° h•. i-- -2 :'r 'c 5 hu: •s;'y.P
6'31'331+-•n 6x•111 6, . N,: l"}y, v3 Ma31}s •310 Ov 9 3 hca•.
-Ex,;ans}s Inc 'L an�' : as+s assxr]1}2'oh X'.Fi, }nnna r•s3 M3 rtia 4 mg; ass^ ;is char A Ae ' d Ey
awn}• 1] 3F931}!h} if .},,.a Xn'h} awn}+•s wanslbthy
P-Exlans}s incbw 3 $S9a ft o �•ars} a-^ t3:}i 3i 5%:''}I;1}1}ars. u7 3, 3d,ng 33.}53 312 a,ntrsl
spl— lrAR:.-SJ sss•.X'*,sx 3n }1}.an g}]• ilx'.Y:k} an VARvS 1}011,,7 n s::rnna ]^�_.'1'Xz}s°•s x.vr,}ns —11. Ili. h—
Xn!a]°}a° 33 3n }x'rYyn S} X1}R X}i}r}n "}]rs h;i'43h1'}',
m
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
161 ME WITITRIT11 low 0=0 31
Petaluma Thecire Llistrist ParLin7. LL+2
33-1608.00
Li
2029
2030
2031
21732
2 ---'2
2034
2-325
2036
2.3,17
2.336
2.3u3
2-:,4,3
2-:,41
2-:
2-:
204A
2-:,45
2-:,45
2-:,47
2068
erue
-p
219.662
226'.470
233.2?;'
240.271
247.475
254,-'34
262.551
2.7C-.427
276.S40
266.856'
20E.SW
3'.,4.W9
313.499
322.904
332.592
S'42.S6,.'
352.846'
716.151
737.636
7S9.7a5
:Re
x se:.
136,737
NC2.6a:,
145.'-)65
149,417
243.430
256,718
251.427
266,277
271.273
176.662
161.9'62
13.7.421
V 3.0.44
I°"•'3.8:5
204.800
316.S':I
333.1--1
342.577
U4'.323
356.271
Net lncc . l6ek" 16�el
83.14--
8S,5vD
88.206
90,AS5
4.045'
11.11-151
1.124
4.1537
7.267
110.234
11 S'.S41
116.947
12'.:".456
124.070
127.792
H.,+ 7+:'
1+:'.695
37.3.574
3,S .313
413.494
�Dueic-Ity4
41.--. '
42. UJ
-04.104
46-,42'
2.U25
l"}Jl1
s6.2
2.J�S
;:.6J4
mm.11/
56.//1
SU.4/4
63.6%
1;6,+4"8.^*"
'x".646
Ir6./6/
1V4.1-./
21.-1./4/
Net lrr=ame-Basln`tree1
41.=72
42.520
44,104
4:.427
2.025
r?;;171
S62
2.'_17--
3.634
5--.117
S6.771
S8.474
�,:°.228
62.03--
?3.896
12,'»6'»
».848
1$6.787
1'*4.1--7
201.747
Li
PETALUMA THEATRE DISTRICT PARKING GARAGE
FINANCIAL ANALYSIS
161 ME WITITRIT11 low 0=0 31
Petaluma T61Te Dislrin Parking. LLC
33-1608.00
Source: Walker Parking Consultants
I[V
2049
20,50
2051
2052
2453
2C+54
2055
2^7.9
2057
2758
20S,:
20610
2C^a1
2062
2.,63
2064
2165
2066
Tsnal
Rremue
792,558
"8C6:^)35
8830,215
8855.122
^8334,775
'oti7,195'
93A,415
':52.AA3
93'1.321
1^)21.G61
],CIS I,5'a3
1.^)63.243
1.11S.741
1,IA9213
1,183,68'9
1.:192^:W)
1.255,776 1.293.44D
E,P �
24S,'IS
25.3;76T
280,6F7
28o,S^sW3
238,555
2 .352
418,'767
438.936
447,' 37
45 .206,'
A66,7mo
337,c'�3
347.323
353,2SP
3s .006
:°80:1T6
301.-073
661;,325
Net In— 16ek^re`—o
536,842
552.Q46
5769,-735
=86,622
60.4221
622.343
516,3575
523.512
543.384
5.53.352
534�3�
74-�.S51
767,917
790.':55
814.533
839.124
86429"3
?-03.124
14,342,355
A..— to._oty 4=''A"
:6'3,4:1
2/6,414
264,y68
:'4..311
',4U2,I IQ
311.1:°4
255.1'?
161.156
211,6'02
2k°1.418
242.486
Si 2, 1:5
J83.y5y
Sy6,42y
4+,°y:342
41y,m52
4''2. 14Y
311,.62
1, 111.1:°?
Netlrrenr_-Boun'*rt
263,421
276;474
28A.766
293,311
302.110
.311.17A
258.177
261.756
271,602
261.926
292.468
372.775
.3?.3.9s9
395,477
Aa357342
419.5.62
432.149
.371,5,62
7,171.177
Source: Walker Parking Consultants
I[V
PETALUMA THEATRE DISTRICT PARKING GARAGE WALKER
FINANCIAL ANALYSIS
NOVEMBER 2008 33-1608.00
Description Factor Sub Total Total
Spaces 216
Area (s.f./ space) 330
Total Area -Surface Lot (s.f.) 71,280
Total Area -Structure (s.f.) 46,400
Surface Lot
Land Acquisition (cost/ s.f.) $ 30.00 $ 2,138,400
Hard Construction Costs (per space) $ 3,500 756,000
Soft Costs (% of hard costs) 20.0% 151,200 $ 3,045,600
Structure
Land Acquisition (cost/ s.f.) $ 30.00 $ 1,392,000
Hard Construction Costs (per space) $ 20,000 6,600,000
Soft Costs (% of hard costs) 20.0% 1,320,000 $ 9,312,000
Source: Walker Parking Consultants
a