“We understand the need to stimulate economic activity during months that historically have a lower demand for parking,” Mayor Pantelides said. “This short-term change to the rates will allow us to better evaluate short-term downtown parking and the needs of our local businesses. This is all part of our overall market pricing strategy, keeping the pricing in line with supply and demand.”
The City understands there may be a possible loss in revenue during this trial period, involving its 384 meters, but is also aware that lowering the parking meter rates to $1 an hour may in turn increase meter use.
“Supporting local business and working to create a favorable experience for locals and visitors when doing business in Annapolis is a priority of mine,” Ward One Alderman Joe Budge said. “We studied data from January 1 through the end of March, which indicates a 26% drop in meter usage compared to other months of the year. It’s worth seeing if the lower rates will increase meter usage, supporting turnover in parking spots for local businesses.”
The bill sponsors include Mayor Pantelides, Alderman Budge, Alderman Fred Paone, and Alderwoman Rhonda Pindell Charles.
“I fully support the legislation that we passed Monday,” Ward Three Alderwoman Pindell Charles said. “I am confident that the reduction of our metered spaces during this time period will assist our business community in the downtown area – our businesses that are so integral and vital to the fabric of our community.”
The trial period began on January 15th and will continue through March 31, 2014.