Item I1 II
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE �� i Mayor Holly Merrill Raschein,District 5
The Florida Keys Mayor Pro Tern James K.Scholl,District 3
Craig Cates,District 1
Michelle Lincoln,District 2
' David Rice,District 4
Board of County Commissioners Meeting
December 13, 2023
Agenda Item Number: I1
2023-1872
BULK ITEM: Yes DEPARTMENT: Airports
TIME APPROXIMATE: STAFF CONTACT: Richard Strickland
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, 2024. The proposed rate change will make EYWs 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 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 $21.00 to $23.00 per day and the weekly rate from $126.00 to $138.00
(one day free) and the public surface public parking lot from $18.00 to $19.00 per day and the weekly
rate from $108.00 to $114.00 (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, December 8, 2021 and October 19, 2022.
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
2414
EYW Parking Rate Adjustment.pdf
FINANCIAL IMPACT:
Increases airport revenue by approximately $73,133.00/year.
2415
F
PUBLICRKING
November 14, 2023
Mr. Richard Strickland
Director of Airports
Key West International Airport
3491 S. Roosevelt Blvd.
Key West, FL 33040
Dear Richard,
Assessing parking rates is something every airport must do from time to time. A successful parking rate
assessment strategy has two key elements:
1. Defining a program for how new revenues will be invested.
2. Defining the type and impact of rate changes/options.
The areas which revenues can address are the continued increase in costs associated with the 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$23 per daily maximum. A
$23 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 $19. Note this minimal change to
each parking product/lot shall adjust the weekly rates as well; weekly surface lot $114.00 and premium covered
garage $138.00.
Below you will see the revenue table reflecting a $2 increase in the premium covered garage plus a $1 increase
in the surface lot:
511 Chestnut Street, Suite 150
Chattanooga, Tennessee 37450
2416
REPUBLIC
PARKING
Premium
Key West International Airport Short Term Covered 10 Month Estimated full
(Surface) (Garage), Totals 12 Month Total
Gross Revenue 1/1/2023 thru 10/31/2023 $ 70,220 $598,956 $ 669,176 $ 80�3,011
Revenue producing transactions 29,261 10,112 �q 73 47v248
Average Ticket amount $ 2.40 $ 59.23 $ 17.00 $ 17.00'
Average length of stay in days 0.13 2.82
Increased overnight rate 19.00 $ 2, .00
Extrapolated New Average Ticket amount $ 2.53 $ 64.87 $ 18.54 $ 18.54
Revenue producing transactions 29,261 10,112 39,373 47,248
Extrapolated New Gross Receipts $ 74,121 $655,999 $ 730,121 $ 876,145
I hope this information is useful to you. In the meantime, please do not hesitate to call me if you have any
questions.
Sincerely,
3*14119
Bill Mayo
Regional Vice President
Airport Division
611 Chestnut Street, Suite '150
Chattanooga, Tennessee 3'450
2417
REPUBLIC
G PARKIN
...........
Premuim/Covered
$40.00 $36-.00
$35.00 $32.00
$30.00 0
$30.00 $28.-0- $24.00 $2.3-,DO
$25.00
$20.00
$15.00
$10.00
$5.00
$0.00
410 Z7
NZ
Qa®11' c
611 Chestnut Street, Suite 150
Chattanooga, Tennessee 3-17450
2418
REPUBLIC
PARKING
Short Term Parking Rates
$40.00
$35.00
$30.00
1
1
$25.00
l , $20.00
00
$15.00
f
i
iTOW,
J, f $10.00
l�
p �r
/f fl 1 i l' f ✓rrr J $0.00
o /
LL
81 1 Chestnut Street Suite '150
Chattanooga; Tennessee 37450
2419