Hamilton County

County Administrator
BOARD OF COMMISSIONERS
Denise Driehaus
Stephanie Summerow Dumas
Todd Portune
ADMINISTRATOR
County Administration Building Jeff Aluotto
138 East Court Street, Room 603 Phone (513) 946-4436
Cincinnati, Ohio 45202

Phone: (513) 946-4400

Fax: (513) 946-4444
TDD/TTY: (513) 946-4719
www.hamiltoncountyohio.gov

M E M O R A N D U M

Date:  February 7, 2019 
 
To:  Board of County Commissioners 
 
From:  Jeff Aluotto, County Administrator 
 
Copies:  Judi Boyko, Assistant County Administrator; John Bruggen, Director, Budget and Strategic 
  Initiatives; Roger Friedmann, Hamilton County Prosecutor; Joe Feldkamp, Director, Stadia  
  and Parking; Lisa Doerger, Fiscal Officer, Stadia and Parking 
 
Subject:  Walker Consultants’ Parking Analysis 
 
 
Attached please find Walker Consultants’ parking structure analysis reflecting a two‐site approach to 
providing structured parking capacity for the proposed FC Cincinnati stadium.  The report has been 
redacted to protect sensitive property related information.  Additionally, you will note that the report is 
entitled “addendum” as it is an update to a draft report that identified a scenario no longer being 
considered in discussions between the County and FC Cincinnati.  Some of the relevant market 
information, however, has been carried over into this version.   
 
I would caution, additionally, that the attached analysis, itself, may not be entirely consistent with current 
discussions but does reflect the projected financial performance of approximately 1,000 cars worth of 
structured parking capacity adjacent to, and near, the proposed FC Cincinnati stadium.  The analysis will 
almost certainly change as additional scenarios are discussed with the team.   
 
Upon completion of discussions with the team, I will provide the Board a recommendation that includes 
relevant financial scenarios from Walker, a financial plan and timeline associated with the specific 
recommended scenario.   
 
Please let me know if you have any questions. 
 
Findlay Market and Liberty Site Garages – Financial Analysis
Addendum

FC Cincinnati Stadium
Cincinnati, Ohio

December 4, 2018

Prepared for Hamilton County

FINAL DOCUMENT
 FC CINCINNATI STADIUM
FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

EXECUTIVE SUMMARY

The City of Cincinnati, Ohio was awarded the FC Cincinnati MLS expansion team that will play in a new 21,000-
seat soccer stadium currently being constructed in Cincinnati’s West End neighborhood. The team currently plays
in the University of Cincinnati’s Nippert Stadium as a minor league USL team. The completion of the new soccer-
specific stadium is expected in 2021. Hamilton County (“County”) is considering constructing two new public
parking facilities, equaling a combined total of 1,000± spaces, to help support access to the new stadium and the
Over-the-Rhine (OTR) and West End neighborhoods during event and non-event days. The new parking
infrastructure will serve existing land uses in the market area and support access to the planned stadium and
associated mixed-use development.

The County engaged Walker Consultants (“Walker”) to determine the projected financial performance of the
proposed public parking facilities. The purpose of this study is to assist the County in determining the most
appropriate approach to providing parking for the new stadium and nearby community.

The subject of this report is the financial analysis of two different structured facilities; the 513-space Findlay
Market site facility located at the northeast corner of Central Parkway and Elder Street, and the 593-space Liberty
(Stadium) site facility located at the southwest corner of Liberty Street and Central Parkway. These financial
analyses are an addendum to the FC Cincinnati Stadium Parking Analysis prepared by Walker in August 2018. It is
important to note that the financial analyses reflect the two facilities operating as stand-alone properties. At full
build-out, however, there is potential for the two nearby facilities to operate with gained efficiencies that may
reduce operating expenses with shared management and general labor.

The five-year financial pro forma summary for the proposed parking facilities at the Findlay Market site and the
Liberty site is presented in Exhibit 1.

Exhibit 1: Summary Pro Forma Analysis of Two Proposed Sites

Facility Preliminary Financial Model (projected) Year 1 Year 2 Year 3 Year 4 Year 5 Cumulative
Net Revenue $ 912,200 $ 921,300 $ 976,700 $ 1,005,700 $ 1,065,400 $ 4,881,300

Net Operating Expenses (179,300) (184,600) (190,200) (196,000) (201,800) (951,900)

Findlay Market Site
EBITDA (before CAPEX) 732,900 736,700 786,500 809,700 863,600 3,929,400
(513± Spaces)
Structural Fund (Capital Expenses) (25,000) (25,000) (25,000) (25,000) (25,000) (125,000)

EBITDA (after CAPEX) $ 707,900 $ 711,700 $ 761,500 $ 784,700 $ 838,600 $ 3,804,400

Net Revenue $ 1,575,700 $ 1,606,100 $ 1,676,700 $ 1,721,100 $ 1,797,000 $ 8,376,600

Net Operating Expenses (306,300) (312,300) (318,500) (324,700) (331,200) (1,593,000)

Liberty (Stadium) Site
EBITDA (before CAPEX) 1,269,400 1,293,800 1,358,200 1,396,400 1,465,800 6,783,600
(593± Spaces)
Structural Fund (Capital Expenses) (29,000) (29,000) (29,000) (29,000) (29,000) (145,000)

EBITDA (after CAPEX) $ 1,240,400 $ 1,264,800 $ 1,329,200 $ 1,367,400 $ 1,436,800 $ 6,638,600

Source: Walker Consultants 2018

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FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

FINDLAY MARKET SITE (UPSIDE CASE) PRO FORMA

In a previous report iteration, Walker provided the County with two pro forma cases for the proposed Findlay
Market site, a Base Case and an Upside Case. The Base Case utilizes current rates charged in the vicinity of Findlay
Market, and the Upside Case utilizes rates that are aligned more closely with rates found south of Liberty Street
at the Washington Park Garage and the Over-the-Rhine neighborhood. The rates applied to the Upside Case are
shown in Exhibit 3.

The five-year financial pro forma representing a 513± space parking garage at the Findlay Market site is shown in
Exhibit 2.

Exhibit 2: Five Year Pro Forma – Findlay Market Site 513± Space Design Capacity

Findlay Market Garage - Revenue, Expense and EBIDTA (projected)

REVENUE Year 1 1 Year 2 2 Year 3 Year 4 Year 5
Monthly $ 127,500 $ 128,800 $ 136,500 $ 140,600 $ 148,900
Transient 588,100 594,000 629,700 648,400 686,800
Events 225,000 227,200 240,900 248,000 262,800
Sub-Total - Revenue (before tax) 940,600 950,000 1,007,100 1,037,000 1,098,500
Less Collection Loss (% of Monthly)) (1,300) (1,300) (1,400) (1,400) (1,500)
3
Less Credit Card Fees (% of CC sales x transient revenue) (27,100) (27,400) (29,000) (29,900) (31,600)
Total - Revenue (before expenses) 912,200 921,300 976,700 1,005,700 1,065,400
Gross Revenue per Space $ 1,778 $ 1,796 $ 1,904 $ 1,960 $ 2,077
OPERATING EXPENSES
Annual Escalation Factor: 3.0% 3.0% 3.0% 3.0%
4
Labor - Taxes & Benefits $ 71,400 $ 73,500 $ 75,700 $ 78,000 $ 80,300
5
Utilities - Electric & Telephone 33,100 34,100 35,100 36,200 37,300
6
Insurance - GL/GKLL 8,400 8,700 9,000 9,300 9,600
7
Supplies 6,100 6,300 6,500 6,700 6,900
8
Routine Maintenance 31,500 32,400 33,400 34,400 35,400
9
License Fees & Permits 500 500 500 500 500
10
Contracted Services 11,600 11,900 12,300 12,700 13,100
11
General Expense 16,700 17,200 17,700 18,200 18,700
12
Total - Operating Expense 179,300 184,600 190,200 196,000 201,800
Operating Expense per Space $ 350 $ 360 $ 371 $ 382 $ 393
EBIDTA (before Capital Reserve Fund) 732,900 736,700 786,500 809,700 863,600
13
Capital Repair & Replacement (reserve fund) 25,000 25,000 25,000 25,000 25,000
14
EBIDTA (after Capital Reserve Fund) $ 707,900 $ 711,700 $ 761,500 $ 784,700 $ 838,600
15
Conceputal Estimate of Probable Debt Service Payment (20Y Term) $ 695,000 $ 695,000 $ 695,000 $ 695,000 $ 695,000
Projected Surplus/(Deficit) $ 12,900 $ 16,700 $ 66,500 $ 89,700 $ 143,600
16
Conceputal Estimate of Probable Debt Service Payment (30Y Term) $ 550,000 $ 550,000 $ 550,000 $ 550,000 $ 550,000
Projected Surplus/(Deficit) $ 157,900 $ 161,700 $ 211,500 $ 234,700 $ 288,600
1
Assume gross revenue; no sales or parking tax in this jurisdiction.
2
Assume stabilized system based upon individual case model projections; subsequent fee and demand increases based upon individual case model assumptions.
3
Assume pay-on-foot operating methodology with staffing for event pre-pay collections; credit card acceptance; % of transactions paid with CC and CC processing fees.
4
Assume 520 annual manager hours, 1,248 annual customer service hours, 7,488 annual remote monitoring hours at $3.00/hour and 305 event staffing annual hours.
5
Assume utilities for proposed parking structure (513± spaces) at $ 0.10/kwh, plus water, sewer and telephone costs.
6
Assume cost for Commercial Liability, Garage Keepers & Crime insurance coverage; does not include Property insurance coverage.
7
Assume replacement parking tickets, garage supplies & miscellaneous office supplies, etc.
8
Assume maintenance costs associated with plumbing, re-lamping, life-safety, parking access control equipment & system, elevator routine and emergency services.
9
Assume the cost for annual garage or business license, driveway, sign and/or elevator permit fees.
10
Assume contract custodial services, accounting & legal fees, snow & waste removal and pest control services.
11
Assume 3rd party parking operator management fees ($14,400 annually), plus payroll processing and bank service charges; excludes Real Estate taxes.
12
Assume operating expenses increase based upon individual case model assumptions.
13
Assume about $66.00±/space set aside to fund future capital expenditures related to structure repairs and maintenance.
14
All revenue and expense projections are rounded.
15 Assume 20 year term, 4.25% annual rate, $9,234,000 financed amount, $695,000 annual debt service payment.
16 Assume 30 year term, 4.25% annual rate, $9,234,000 financed amount, $550,000 annual debt service payment.

Source: Walker Consultants 2018

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Summary

• Projections assume Over-the-Rhine North (north of Liberty Street) will continue to mature and densify
similarly to development and absorption characteristics in OTR South (south of Liberty Street), but more
rapidly.
• Transient and monthly parking rates align closely with the Washington Park Garage and central OTR
neighborhood, resulting in a projected positive net revenue after debt service, as shown in Exhibit 2.
• Operating expenses generally decrease with the reduction of the design capacity. An exception is the cost of
labor and management.
• Projected EBITDA is positive, and sufficient to service the estimated annual debt service payment. The Year
1 projected surplus is approximately $13,000 and increases to a positive $144,000 in Year 5 when financed
over 20 years. Year 1 projected surplus is approximately $158,000 and increases to $289,000 in Year 5 when
financed over 30 years.

Exhibit 3 highlights the parking rate assumptions applied to the Findlay Market Site Upside Case.

Exhibit 3: Findlay Market Garage Parking Rate Assumptions – Upside

Monthly Rate
Market - Regular $100.00
FC Cincinnati Soccer $100.00

Transient
> 10 min. to 1 hour $2.00
> 1 to 2 hrs. $4.00
> 2 to 24 hrs. $6.00
> 24 hours (average ticket price) $8.00

Event
Music Hall (< 1,000) $5.00
Music Hall (> 1,000) $5.00
FC Cincinnati Soccer - VIP $25.00
FC Cincinnati Soccer - Regular $20.00
Memorial Hall (< 300) $5.00
Memorial Hall (> 300) $10.00

Source: Walker Consultants 2018

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FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

FINDLAY MARKET SITE FACILITY LOCATION

The subject site for the proposed Findlay Market parking garage is located at the northeast corner of Central
Parkway and Elder Street, between Central Parkway and Campbell Alley. Walker prepared a conceptual layout
for a new garage (Exhibit 4) to provide a conceptual understanding of the physical development parameters and
associated construction costs. The conceptual layout below represents 513 spaces in a six-tier garage (one at
ground level and five supported).

Exhibit 4: Findlay Market Site Conceptual Layout

Sensitive Market Information

Source: Walker Consultants 2018

If required due to height restrictions or user preference, constructing below grade is an option on the site, ramping
down from the Campbell Alley side of the facility. A below-grade development option adds significant
construction costs to the conceptual estimate of probable cost. For this site analysis, all options are above-grade.

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FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

Exhibit 5 provides a conceptual layout of the ground floor of the garage. Vehicular ingress and egress lanes are
located along Central Parkway and Campbell Alley. The elevator tower is located in the southeast corner of the
garage at the intersection of Elder Street and Campbell Alley. Additionally, stairwells are located in both the
southeast and southwest corners of the facility.

Exhibit 5: Ground Tier Plan

Central Parkway

Campbell Alley
Elder Street
Source: Walker Consultants 2018

Exhibit 6 provides a conceptual layout of a typical floor in the garage.

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FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

Exhibit 6: Typical Tier Plan

Source: Walker Consultants 2018

Exhibit 7 provides a conceptual layout of the top floor of the garage.

Exhibit 7: Top Tier Plan

Source: Walker Consultants 2018

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FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

An isometric view of the parking garage is provided in Exhibit 8. The conceptual design capacity can be adjusted
by removing or adding a level of parking to align more closely with planning goals. Walker recommends no more
than seven (7) total levels for this type of design (single-thread). If the garage is designed any higher, Walker
recommends a double-thread design to improve functional performance. A double-thread helix design would
allow for faster access to upper levels and a higher level of service. Both parking bays (aisles) would be sloped in
a double-thread helix design to allow for ramping, however, the design can be confusing to some patrons. A
double thread design could potentially go as high as 9-12 levels.

Note that a level could be removed or added in the conceptual design if required (resulting in a loss or gain of
approximately 93 spaces, as shown previously in Exhibit 6).

Exhibit 8: Conceptual Layout – Isometric View

Elder Street

Source: Walker Consultants 2018

Exhibit 9 provides a space count for a design capacity of 513 spaces (502 standard and 11 accessible). Please note
the accessible spaces would likely be distributed over multiple floors and do not all have to be located on the
ground floor. Eleven (11) accessible spaces are required for a parking garage of this design capacity.

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Exhibit 9: Conceptual Layout – Car Count

Source: Walker Consultants 2018

CONCEPTUAL ESTIMATE OF PROBABLE CONSTRUCTION COST – FINDLAY MARKET SITE

The construction costs applied to this analysis are subject to change depending on the market, material, and soil
conditions. A base construction cost of $18,000 per space is reflected in this analysis. This cost applies the
assumption that the façade will not have a premium finish and only the south and west sides of the garage will be
aesthetic-enhancing.

ADDITIONAL PARKING FACILITY LOCATIONS IN FINDLAY MARKET

Walker performed a cursory review of alternative development locations within the Findlay Market / Over-the-
Rhine North neighborhood for an appropriate site suitable for a structured parking facility. Vacant parcels were
identified to avoid potential structure demolition and tenant relocation costs. Due to the density of this central-
city neighborhood, only one parcel of significant size is currently vacant in the area of Findlay Market, an area
bounded by Findlay Street to the north, Vine Street to the east, Liberty Street to the south, and Central Parkway
to the west. This parcel is located at the northwest corner of Liberty and Elm Streets and is currently slated for
development. The Freeport Row development is proposed for this corner and is planned to include an on-site
parking garage to serve tenants. The remaining vacant parcels in the neighborhood have too small a footprint to
allow for sufficient space to construct a cost-effective parking garage.

Two surface parking lots are of sufficient size, and they include the Findlay Market North and West lots. Findlay
Market officials stated that the North lot would remain a surface lot to allow for much-needed parking near the
Market. It was stated that the West lot (immediately to the south across Elder Street from the potential facility
location) could be a future commercial development site, but there are no current development plans.

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LIBERTY (STADIUM) SITE PRO FORMA

Walker also prepared a financial analysis of the 593± space Liberty (Stadium) site parking garage proposed by the
FC Cincinnati stadium development team of MKSK and Development Strategies. Concept plans include the
development of mixed-use retail, residential, hotel, and office land uses connected to and atop the proposed
parking garage. The proposed site of the garage is the southwest corner of Central Parkway and Liberty Street,
between Central Parkway and Central Avenue. Exhibit 10 is a site plan of the proposed stadium and associated
development, as provided by MKSK and Development Strategies in the Parking Revenue Modeling – Concept C,
Scenario 2 document dated October 18, 2018.

Exhibit 10: FC Cincinnati Stadium Site Plan

Proposed
Liberty Site
Garage

Source: MKSK, Development Strategies 2018

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FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

Walker utilized development program information provided by MKSK and Development Strategies in the same
Parking Revenue Modeling – Concept C, Scenario 2 document to develop market assumptions and project
additional non-event daily transient and monthly permit parking transactions. Exhibit 11 provides a summary of
the MKSK and Development Strategies-provided land use assumptions applied to this analysis.

Exhibit 11: Stadium Site Development Program

Planned Land Uses Unit

Retail - General 12,000 sf

Retail
Retail - Team Store 12,000 sf
Hotel 152 keys
Hotel
Hotel Restaurant/Bar 21,000 sf
Office Office 48,000 sf
Residential Apartment 165 units
Total Parking Spaces 593 spaces

Source: MKSK, Development Strategies 2018

The five-year financial pro forma representing a 593± space parking garage at the Liberty site is shown in Exhibit
12.

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FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

Exhibit 12: Five Year Pro Forma – Liberty Site 593± Space Design Capacity

Source: Walker Consultants 2018

Summary

• Arena mixed-use programming, infill development, and repurposing of existing buildings in the area present
an opportunity for future demand that does not exist today.
• With event revenue, the projected annual financial solvency is positive in Year 1 at approximately $214,000
and increases to $411,000 in Year 5 when financed over 20 years.
• Without event revenue the projected annual financial solvency is negative in Year 1 at ($363,000) and
improves to ($263,000) in Year 5 when financed over 20 years.
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Parking rate assumptions applied in the Liberty site analysis are shown in Exhibit 13. The average monthly rate is
$125.00 and aligns with the monthly rates planned for the FCC Stadium mixed-use development site. The daily
transient and event parking rates reflect current market rates in Over-the-Rhine. Note the transient rates applied
to the Findlay Market and Liberty sites are the same in this analysis.

Exhibit 13: Parking Rate Assumptions

Monthly Rate
Market - Regular $125.00
FC Cincinnati Soccer $125.00

Transient
> 10 min. to 1 hour $2.00
> 1 to 2 hrs. $4.00
> 2 to 24 hrs. $6.00
> 24 hours (average ticket price) $8.00

Event
Music Hall (< 1,000) $10.00
Music Hall (> 1,000) $10.00
FC Cincinnati Soccer - VIP $35.00
FC Cincinnati Soccer - Regular $25.00
Other Events - VIP $20.00
Other Events - Regular $15.00
Memorial Hall (< 300) $10.00
Memorial Hall (> 300) $10.00

Source: Walker Consultants 2018

CONCEPTUAL ESTIMATE OF CONSTRUCTION COST – LIBERTY SITE

As mentioned previously, the construction costs applied to this analysis are subject to change depending on the
market, material, and soil conditions. A conceptual estimate of probable construction cost of $23,000 per space
is applied in the Liberty Site analysis. This cost applies the assumption that the garage will have a mid-grade
aesthetic-enhancing façade to help the facility serve as a northern gateway to the OTR and West End
neighborhoods. The one below-grade garage level planned for the facility also increases the estimated average
cost per space. Note that Walker did not prepare a comprehensive cost estimate based on completed
construction documents and soil test results. Instead, Walker’s estimate of probable cost is based on actual
project costs incurred in similar markets and for similar parking development projects.

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BREAKEVEN ESTIMATION

A breakeven table is provided for help understand the impact that the cost per space and operating expenses may
have on a project. If the project cost per space is $21,000 - $25,000 and annual OPEX per space is $500 - $600,
then the breakeven revenue requirement is $173 to $207 per space, per month. This breakeven projection reflects
funding assumptions of a 4.25 percent annual interest rate and a 20-year financing period.

Exhibit 14: Monthly Income Required Per Space to Breakeven

Annual Operating Expense Per Space

Cost per
Space $300 $350 $400 $450 $500 $550 $600 $650 $700 $750
$ 18,000 138 142 146 150 154 159 163 167 171 175
$ 19,000 144 148 152 157 161 165 169 173 177 182
$ 20,000 150 155 159 163 167 171 175 180 184 188
Project Cost

$ 21,000 157 161 165 169 173 177 182 186 190 194
$ 22,000 163 167 171 175 180 184 188 192 196 200
$ 23,000 169 173 178 182 186 190 194 198 203 207
$ 24,000 175 180 184 188 192 196 200 205 209 213
$ 25,000 182 186 190 194 198 203 207 211 215 219

Source: Walker Consultants 2018

For comparison, the projected monthly income per space for the proposed garage is approximately $221 to
$253 over the 5-year projection period and includes monthly permit, daily transient, and event parking revenue.

The projected monthly income per space decreases to $140 to $158 over the 5-year projection period when
event parking revenue is excluded from the available gross income.

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APPENDIX A

MARKET RATE SURVEY

Walker prepared a sample survey of local market parking rates at properties located in Over-the-Rhine, Pendleton,
and the Cincinnati Central Business District. The results are summarized in Exhibit 15, and rates by property and
neighborhood are provided in Exhibit 16.

Exhibit 15: Market Rate Survey

Market Rate Survey Summary

Average Median Highest Value Lowest Value

Rate Band
30 minutes $1.00 $1.00 $1.00 $1.00
60 minutes $2.05 $2.00 $3.00 $0.50
80 minutes - - - -
120 minutes $3.91 $4.00 $6.00 $2.00
3 hours $5.89 $7.00 $8.00 $3.00
4 hours $6.00 $6.00 $9.00 $4.00
6 hours $8.57 $8.00 $13.00 $6.00
12 hours $10.00 $10.00 $10.00 $10.00
24 hours $11.08 $10.00 $21.00 $5.00

Weekday Evenings $5.86 $6.00 $7.00 $5.00

Weekends
1 to 3 hours - - - -
3 to 12 hours - - - -
12 to 24 hours $7.63 $6.00 $20.00 $5.00

Special Event
$11.50 $11.50 $20.00 $5.00
Monthly Rates
Regular 24/7 $119.44 $100.00 $210.00 $45.00
Reserved $170.00 $170.00 $170.00 $170.00

Source: Walker Consultants 2018

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Exhibit 16: Market Rate Survey by Property and Location

Neighborhood Over-the-Rhine Pendleton Central Business District

Washington Park Mercer Commons 1423 Walnut Street 8th & Sycamore 84.51 Degrees Fountain Square The Banks - Central
Facility Name Liberty and Race Lot Town Center Garage 1239 Elm Street Lot Elm Street Lot Findlay Market Lots 12th & Vine Lot Ziegler Park Garage
Garage Garage Lot Garage Garage North Garage Riverfront Garage
Facility Address 1545 Race St. 1286 Central Ave. 1239 Elm St. 1119 Elm St. 5 Mercer St. 1423 Walnut St. 1202 Vine St. 1322 Sycamore St. 716 Sycamore St. 100 West 5th St.
Facility Type Surface Structure Structure Surface Surface Surface Structure Surface Surface Structure Structure Structure Structure Structure
Rate Band
30 minutes $1.00 $1.00
60 minutes $3.00 $0.50 $3.00 $1.00 $2.00 $2.00 $2.00 $2.00 $2.00 $3.00
80 minutes (first hour free)
120 minutes $2.00 $4.00 $2.00 $4.00 $2.00 $5.00 $3.00 $5.00 $5.00 $5.00 $6.00
3 hours $5.00 $5.00 $3.00 $7.00 $4.00 $7.00 $7.00 $7.00 $8.00
4 hours $4.00 $6.00 $4.00 $6.00 $4.00 $6.00 $9.00 $9.00
6 hours $6.00 $8.00 $6.00 $8.00 $6.00 $13.00 $13.00
12 hours $3.00 daily flat rate $10.00 $10.00
24 hours $8.00 $10.00 $5.00 $8.00 $10.00 $8.00 $12.00 $8.00 $12.00 $21.00 $21.00 $10.00
After 4 pm, flat rate After 6 pm, 2 hrs min. After 4 pm, flat rate After 4 pm, flat rate After 4 pm, flat rate After 4 pm, flat rate After 4 pm, flat rate After 4 pm, flat rate
Weekday Evenings
$6.00 $1.00/hr. $6.00 $5.00 $5.00 $5.00 $7.00 $7.00
Weekends
1 to 3 hours $1.00/hr (2 hrs min.)
3 to 12 hours
$6.00 $20.00 $6.00 $5.00 $5.00 $5.00 $7.00 $7.00
12 to 24 hours
Flat Rate >4 hrs or all day Flat Rate Flat Rate Flat Rate Flat Rate Flat Rate Flat Rate
Depending on event Depending on event Depending on event Depending on event Depending on event Reds and Bengals games
Special Event
$13.00 $10.00 $15.00 $5.00 $6.00 $20.00
Monthly Rates
Regular 24/7 $100 $90 $45 $100 $60 $145 $180 $210 $145
Reserved $170
Hourly rates are
subject to change.
Due to the locoation 4-hr time limit
Notes Cash only facility of this lot, rates will Weekdays 9 am - 6 10 min. grace period
fluctuate with pm
demand during
special events.

Source: Walker Consultants 2018

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 FC CINCINNATI STADIUM
FINDLAY MARKET AND LIBERTY SITE GARAGES – FINANCIAL ANALYSIS – FINAL

APPENDIX B

STATEMENT OF LIMITING CONDITIONS

1. This report is to be used in whole and not in part.

2. Walker’s report and recommendations are based on certain assumptions pertaining to the future
performance of the local economy and other factors typically related to individual user characteristics
that are either outside Walker’s control or that of the client. To the best of Walker’s ability, we analyzed
available information that was incorporated in projecting the future performance of the proposed
subject site.
3. Financial projections presented in this report are conceptual estimates in nature and will differ from
actual results.
4. All information, estimates, and opinions obtained from Hamilton County and others not employed by
Walker Consultants are assumed to be true and correct; we can assume no liability resulting from
misinformation.
5. None of this material may be reproduced in any form without our written permission, and the report
cannot be disseminated to the public through advertising, public relations, news, sales, or other media.
6. We take no responsibility for any events or circumstances that take place subsequent to the date of our
field inspections.
7. The quality of a parking facility’s on-site management will have a direct effect on a property’s economic
viability. The financial projections presented assume responsible ownership and competent
management. Any departure from this assumption can have a significant impact on the projected
operating results.
8. The estimated operating results presented are based on an evaluation of the overall economy, and
neither take into account nor make provisions for the effect of any sharp rise or decline in local or
national economic conditions. We do not warrant that the projections will be attained, but they have
been prepared on the basis of information obtained during the course of this study and are intended to
reflect the expectations of a typical parking patron.
9. This report was prepared by Walker Consultants; the opinions, recommendations, and conclusions
expressed for this assignment are rendered by Walker’s staff members as employees, rather than as
individuals.
10. This report is set forth as a preliminary financial analysis and is not an appraisal report.
11. The conclusions and recommendations presented were reached based on Walker’s analysis of the
information obtained from Hamilton County and our own sources. Information furnished by others,
upon which portions of this study are based, is believed to be reliable; however, it has not been verified
in all cases. No warranty is given to the accuracy of such information, and any significant differences
between these assumptions and actual performance can have an impact on the financial projections for
the proposed parking operation

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