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INFORMATIONAL MEMO <br />Page 2 <br />program at a monthly rate of $85.50, including taxes and processing fees. This amounts to <br />around $4 per work day in a typical month, and users who sign up for a monthly permit get the <br />first month free. Rates at these lots are variable, ranging from $30 - $155 depending on the <br />location, and as these are privately owned and operated lots, Diamond Parking set the prices <br />based upon the local market. <br />This public-private partnership is partially funded by a grant from the Federal Highway <br />Administration, and Metro is not collecting parking revenues. Diamond Parking manages the <br />lots and customer transactions. King County's role was to develop the business model, partner <br />with Diamond, apply grant funds to the first month free, and will now step back to a promotional <br />role. <br />DISCUSSION <br />The Committee is asked to discuss the information and let staff know of any questions for <br />follow-up. <br />36 <br />