Item K3 K.3
Coty f � ,�� ,' BOARD OF COUNTY COMMISSIONERS
�� Mayor David Rice,District 4
The Florida Keys � Mayor Pro Tem Craig Cates,District I
y Michelle Coldiron,District 2
James K.Scholl,District 3
Ij Holly Merrill Raschein,District 5
County Commission Meeting
October 19, 2022
Agenda Item Number: K.3
Agenda Item Summary #11124
BULK ITEM: Yes DEPARTMENT: Airports
TIME APPROXIMATE: STAFF CONTACT: Richard Strickland(305) 809-5200
n/a
AGENDA ITEM WORDING: Approval to adjust the overnight/max daily rates and weekly rates
for the premium covered public parking lot and the public surface lot at the Key West International
Airport effective January 1, 2023. The proposed rate change will make EYW's rates more
comparable to other South Florida airports and will increase the Airport's non-aeronautical revenue
to help support the Airport's efforts to remain self-sufficient and not receive any ad valorem taxpayer
funding.
ITEM BACKGROUND: Please see attached parking analysis from Reef Parking (Republic
Parking)the current parking lot management company for the Key West International Airport. The
proposed adjustment will adjust the premium covered public parking lot from $19.00 to $21.00 per
day and the weekly rate from $84.00 to $126.00 (one day free) and the public surface public parking
lot to $18.00 per day and the weekly rate from $84.00 to $108.00 (one day free). The first hour at
the surface lot remains free.
PREVIOUS RELEVANT BOCC ACTION: Previous fee adjustments for public parking at the
Key West International Airport were approved on July 15, 2009, November 22, 2016, July 19, 2019,
and December 8, 2021.
CONTRACT/AGREEMENT CHANGES:
n/a
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
key west parking rates
FINANCIAL IMPACT:
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Effective Date: January 1, 2023
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County:
Current Year Portion:
Budgeted:
Source of Funds:
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: Yes If yes, amount: Approx. $88,425.00/yr.
Grant:
County Match:
Insurance Required: No
Additional Details:
REVIEWED BY:
Beth Leto Completed 09/19/2022 12:55 PM
Richard Strickland Completed 10/04/2022 10:30 AM
Pedro Mercado Completed 10/04/2022 11:14 AM
Purchasing Completed 10/04/2022 11:17 AM
Budget and Finance Completed 10/04/2022 12:11 PM
Brian Bradley Completed 10/04/2022 1:29 PM
Lindsey Ballard Completed 10/04/2022 2:33 PM
Board of County Commissioners Pending 10/19/2022 9:00 AM
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REEF
August 25, 2022
Mr. Richard Strickland
Director of Airports
Key West International Airport
3491 S. Roosevelt Blvd.
Key West, FL 33040
Dear Richard,
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Assessing parking rates is something every airport must do from time to time.A successful parking
rate assessment strategy has two key elements:
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1. Defining a program for how new revenues will be invested.
2. Defining the type and impact of rate changes/options.
With inflation rising and little relief insight, costs of supplies and other goods and services are
increasing each and every month. In May,the year-over-year increase in consumer prices hit a 40-
year high of 8.6 percent. Many expect inflation to remain elevated through 2022 and into 2023.
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The areas which revenues can address are the continued increase in costs associated with the U)
parking program. Reinvestment into the program both in assets and people allows the airport to
maintain and exceed the customers' expectations thus enhancing their overall experience.
We believe the parking rates in the premium covered garage could easily be raised to $21 per daily
maximum. A $21 overnight rate at Key West International Airport will keep the Airport rates
comparable to other airports in south Florida. Additionally, the daily maximum in the surface lot
can move to $18. Note this minimal change to each parking product/lot shall adjust the weekly
rates as well; weekly surface lot$108.00 and premium covered garage $126.00.
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Below you will see the revenue table reflecting the adjustments: E
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Premium
Key West International Airport Short Term Covered 7 Month Estimated full 1
Surface (Garage) Totals Month Total
Gross Revenue 1/1/2022thru 7/31/2022 $ 55,575 $ 384,428 $ 440,003 $ 754,291
Revenue producing transactions-same period 24,355 6,330 30,685 52,603
Average Ticket amount $ 2.28 $ 60.73 $ 14.34 $ 14.34
Overnight rate $ 15.00 $ 19.00
Average length of stay in days 0.15 3.20
Proposed overnight rate $ 18.00 $ 21.00
Extrapolated New Average Ticket amount $ 2.74 $ 67.12 $ 16.02 $ 16.02
Revenue producing transactions 24,355 6,330 30,685 52,603
Extrapolated New Gross Receipts $ 66,690.00 $ 424,894.11 $ 491,584 $ 842,716
Gross Receipts Increase 1 $ 11,115.001 $ 40,466.111 $51,581.111 $ 88,424.75
Republic Centre
633 Chestnut Street,Suite 2000 423.756.2771
Chattanooga,TN 37450 reeftechnology.com
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I look forward to discussing with you in more detail. In the meantime, please do not hesitate to
call me if you have any questions.
Sincerely,
�-YXA -
Daniel Lassiter 3
Senior Vice President
Airport Services
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