Parking Rates for 2000-2001
Last year the Division of Business Services published a report: Penn Transportation and Parking: New Services, New Parking Rates, and Tax Relief Options (Almanac May 18/25, 1999; available on-line at www.upenn.edu/transportation/). This report provided a current and future synopsis of Penn's transportation and parking programs and several items in that report (highlighted below) will directly impact permit parking for the next academic year.
- Campus development is booming and in the past two years twelve parking lots have been closed or significantly reduced in size. Given the diminished supply of and increased demand for parking, Penn has determined that building a limited number of new, multipurpose garages presents the most efficient, cost-effective solution. Our goal is to provide convenient, competitively priced parking for the University community and its visitors in ways that do not detract from the image or quality of the campus environment. We currently have two garages under development:
Hamilton Square Garage 40th and Walnut Sts. 768 spaces opens: Fall, 2000 University Avenue Garage Old Civic Center Site 1800 spaces opens: Fall, 2001
Depending upon market conditions and a further analysis of our near and longer term needs, we also are proposing the development of future parking capacity (600-800 spaces) in FY 2003.
- To fund this new development, parking rates must increase. If they do not increase then we will not generate the revenue needed to maintain our current garages, to build new garages, to fund capital improvements including security upgrades and service enhancements, and to fund our transportation system. This year represents the second of three phases to consolidate the permit rate structure. In 2002 all permit parking in Penn lots and garages will be consolidated into four (4) classifications:
Class A - Campus Parking (daily parking in on-campus lots) Class B - Remote/Student Commuter (daily parking in lots on campus peripheral) Class C - Evening/Weekend (parking in designated campus lots on evenings and weekends) Class D - Department Reserved (limited spaces reserved for departmental assignment)
Penn's parking rates will increase again this year for most permit holders due in part to the consolidation of rate classifications, but permit rates continue to be below market levels for the Philadelphia region. A chart of the new parking rates and per diem costs are shown below.
Permit Parking Rates & Per Diem Costs | ||
| Permit Classification | FY 2001 Rates | FY 2001 Per Diem |
| Class A - Campus Parking: | ||
Class 1 (F/S Garages #30, #44) |
$1,257 | $5.03 |
Class 2 (F/S Core Commuter) |
$1,257 | $5.03 |
*Class 3 (F/S Core Peripheral Commuter) |
$1,089 | $4.36 |
Class 6 (24 Hour) |
$1,257 | $5.03 |
Class 11 (Museum Garage #7) |
$1,257 | $5.03 |
| Class B - Remote/Student Commuter: | ||
Class 4 (F/S Remote Commuter) |
$750 | $3.00 |
Class 5 (Student Commuter) |
$750 | $3.00 |
| Class C - Evening/Weekend: | ||
Class 7 (Evening: 4 p.m. - 11 p.m.) |
$378 | $1.51 |
| Class D - Department Reserved: | ||
Class 10 (Dept. Retained Spaces) |
$1,674 | $6.70 |
| *Class 3 consolidates into Class A in FY'02 | ||
| Transient Flat Rate per day: | $8.50 | |
| Per Diem Average Permit Rate: | $4.79 | |
- The Penn Commuter Choice Program was introduced last year and it helps eligible commuters save money through federal tax relief on a significant portion of the amounts they pay on commuting expenses. Using the new academic year's rates as an example, a new Class A parking permit will cost $1,257 per year. For someone in the 15% Federal tax bracket, the tax savings would amount to approximately $284.71 per year or 22.65% (15% Federal tax plus the 7.65% FICA tax). The old Class 3 permit holder in the same tax bracket would see savings of $246.66 on his/her annual permit cost of $1,089. If you are currently paying for your permit parking through payroll deduction, then you are automatically enrolled in the Penn Commuter Choice program and you will continue to experience these tax savings this tax year.
Visit or call the Parking Office with questions or go to the web at www.upenn.edu/transportation/.
--Department of Transportation and Parking
Almanac, Vol. 47, No. 1, July 18, 2000