Jan 26, 2024 - News
Parking revenues rebound at Minneapolis meters, ramps
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Minneapolis made more money from parking meters and ramps in 2023 than in any year since the pandemic, according to new figures released this week.
Why it matters: Parking revenue is one way to measure whether workers and fun seekers are coming back downtown in the wake of the pandemic.
- Downtown and the North Loop hold the vast majority of meters and city-owned lots, though there are also lots of metered parking options along Lake Street, in Northeast, and around the U of M campus.
By the numbers: In 2023, the city took in a projected $55 million from parking ramps, lots, and meters.
- After adding in revenues from the municipal impound lot, the city's parking fund took in an estimated $64 million last year. That total would meet the city's goal for parking revenue for the first time since 2020.
What's next: The Minneapolis city council is reviewing a proposal to set higher maximum parking rates at several downtown locations.
- Officials say they're trying to keep up with private lots charging higher rates for big events at Target Center or U.S. Bank Stadium.