Regents approve parking permit rate increases

ANN ARBOR—The University of Michigan Board of Regents, at its
“With the completion of restoration projects, we may now focus our efforts and resources on creating new parking to help address the parking shortage on the Central and Medical campuses,” said Robert Kasdin, U-M executive vice president.

“The proposed increase for the first year is modest in recognition of the present challenging parking conditions for faculty and staff. The increases proposed for the three years, averaging 3.67 percent per annum, will provide the funding for construction of almost 1,100 spaces in Palmer Drive, 277 spaces on Forest Street and several hundred more on a yet to be determined location.

“As a result of recent Congressional legislation, employees can pay for their parking permits with pretax dollars. This represents a meaningful savings for employees and has been highlighted in the application material. In addition, as has been the case in prior years, departmental budgets continue to subsidize the cost of parking for faculty and staff with supplementary payments.

“In 1995, the Regents approved a five-year schedule of parking rate increases of 3.5 percent per year. These increases allowed us to continue our parking programs, reconstruct many surface lots, and to make extensive repairs to our older parking structures. With the exception of the Fletcher Street parking structure, all of our parking structures are now in good repair and funds have been put aside to renovate Fletcher as soon as the new parking structure on Palmer Drive is completed. We will continue with our preventative maintenance programs and are confident that the structures will continue to be useful for at least another 20 years without major work.”

Board of Regents