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The cost to park in uptown Waterloo will go up by one dollar over the next decade after city council approved rate changes during its meeting Monday night.
The first 25 cent raise will happen in 2019, raising it from $2.75 per hour currently to $3. Monthly parking permit rates will also go up 2.5 per cent.
Council approved a 10-year forecast that will see the hourly parking rates increase by 25 cents every three years. The next rise will be in 2022, then 2025 and 2028.
A city report said fees have to go up so the lots are self-sustaining.
Monthly permits are set to increase 2.5 to 3 per cent each year. That means parking in a “tier one” lot, such as the Caroline North or Caroline South, Regina Street or Waterloo Town Square South Lot, will go from the current $113.14 a month to $115.97 next year and rise steadily to $150.50 by 2028.
A “tier four” lot such as the Willow Lot and Bauer Lot will go from $77.20 this year to $102.75 in 2028.
There are 16 surface parking lots and one parkade in uptown. The city is maintaining its two-hour free parking in surface lots.
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