Press Release

Payment-in-lieu-of-parking Spaces Improves Efficiency Downtown

(Boonton, NJ, June 1, 2009) — In some cases, rigid parking requirements for new development may do more harm than good.

One solution is to allow developers to pay fees into a municipal parking or traffic mitigation fund in lieu of providing the required parking on site.

By consolidating parking in centralized, shared lots or structures, a fee-in-lieu-of-parking system can encourage infill development and redevelopment. It can also improve the overall efficiency of parking provision by addressing the needs of the area as a whole, rather than the needs of each individual site.

The June 1 issue of Downtown Idea Exchange discusses how such a program was successfully implemented in Cold Spring, MN.

About Downtown Idea Exchange

Downtown Idea Exchange newsletter is published by the Downtown Research & Development Center. For more than 50 years, the Downtown Research & Development Center has provided a forum for exchanging news, information and ideas on how to rebuild the hearts of our cities.

Website: http://www.DowntownDevelopment.com