Denver has more than doubled its revenue from downtown parking meters in the first quarter since doubling the cost from $1 to $2 an hour, according to new figures released by the city.

From January through March, Denver generated $3,775,066 in revenue from parking meter fees, while during the same period in 2021 the city generated $1,714,435. This means Denver has $1,877,533 in new revenue this year to go toward safety and mobility improvements.

The city doubled the cost at its downtown parking meters at the start of the new year with the goal of generating an additional $9.5 million annually. The change came as part of Mayor Michael Hancock’s 2022 budget plan, and Department of Transportation and Infrastructure officials said the higher hourly rate better aligned Denver with comparable cities.

Colorado’s Paradise Cove getting new payment option

In Seattle, Chicago, Austin, Salt Lake City and Minneapolis, hourly meter parking costs between $2 and $2.75 in downtown areas. Other Colorado cities like Colorado Springs and Boulder also charge more than $1 an hour for meter parking.

Steven Byers, a senior economist with the Common Sense Institute, said while folks may not be happy about the increase in the cost of parking, this brings Denver more in line with similarly sized cities. He did note that with automobile crime increasing lately, people may prefer to park in an attended lot.

“Whether or not this $9.5 million in revenue will be realized really is dependent on whether or not the increase in the meter fees drive down the use of those meters or if it stays the same,” Byers said. “The price is not unreasonable in that it’s still a more affordable option than going to one of the attended parking lots or private parking lots. So, clearly, the price is not going to inhibit people from using them based on first-quarter evidence.”

Search for missing man turns to recovery operation at Cherry Creek Reservoir

City staff with the Department of Finance and the Department of Transportation and Infrastructure said the first quarter is typically one of the slowest for revenue due to weather and February being a shorter month than the rest. But, with revenue more than doubling, it shows that the city’s downtown is bouncing back from a couple of slow, pandemic years.

“We see the highest meter usage in the spring and summer as the Rockies games and outdoor festivals attract people to the city,” city staff said in an email. “We also see some minor increases in the later part of the year due to Broncos games, holiday events and shopping.”

If the city is correct in noting the first quarter is slower than the rest of the year, the city should be well on its way to exceed its goal of $9.5 million in new revenue, and city staff are still confident it’s on track. City staff said revenue from January through March 2021 accounted for 19.1% of what the city brought in from parking meters for the whole year. The March year-to-date amount of $3.78 million is 19.8% of what the city hopes to bring in for all of 2022.

Jill Biden pays surprise visit to Ukraine, meets first lady

The city said spring and summer bring additional meter usage due to Colorado Rockies games as well as various outdoor events and festivals.

The city’s 2022 budget allocates the extra revenue as funding for transit, sidewalks, bikeways and Vision Zero safety improvements. Specific projects funded by the rate increase are expected to be released in the summer.

Around 40% of the new revenue will go to transit projects and 20% each will go to constructing bicycle infrastructure, constructing/repairing sidewalks and safety projects that support Denver’s Vision Zero initiative to eliminate traffic deaths and serious injuries by 2030.