WGI has been working with the City of Ferndale since April 2016 to assist in the planning, public engagement, conceptual design, and final design of the mixed-use parking structure referred to as the Development on Troy, or “The dot.” Because it is the first parking structure to be built in Ferndale, the City wanted to understand the dot project’s full financial impact on the overall parking system operational budget. 

In April 2018, WGI developed a detailed cash pro forma and rate band analysis for the downtown parking system and the planned parking structure. 

The financial analysis was based on empirical revenue and expense information from the previous five years to determine average revenue per space system-wide. Various rate scenarios were then modeled to determine cash flow outcomes. 

The final analysis indicated that across-the-board rate increases were needed to pay for debt service on the new parking structure. Based on the results of our analysis, the City implemented a rate increase in April 2019.