ABSTRACT

The logic behind off-street parking requirements is simple: development increases the demand for parking, so cities require enough off-street spaces to satisfy this new demand. Providing Eco Passes in lieu of required parking converts an upfront capital cost for parking spaces into an annual subsidy for transit, and many developers may want to make this trade. Allowing a TOD developer to offer low-cost Eco Passes in lieu of high-cost parking spaces can thus improve the TOD's financial feasibility. In-lieu Eco Passes are not just for new development-dties can also allow property owners to remove some of the parking spaces required for existing land uses if they offer transit passes. In contrast, offering developers the option to provide shared-car parking spaces in lieu of private parking spaces can increase the demand for car sharing, reduce development costs, and reduce the demand for driving.