For those who may be seeking alternatives to Saint Louis University’s parking plan, there are several options. With the recent increase in parking rates, students, faculty and staff may be looking to expand parking alternatives.

While students always have the option to park on the street and pay a meter every few hours, it can become annoying and demands an adequate supply of quarters. However, last year John Cook School of Business students Dane Salazar and Adam Altman purchased a lot one block north of campus, at the corner of Spring Avenue and Olive Boulevard. The lot has 160 spaces. Spots are $175 a semester and $340 per year, $35 cheaper than a general parking pass at SLU.

“Like many students, we were fed up that the University cannot seem to provide adequate and affordable parking on the west side of campus,” Altman said.

Even though there have been a few minor security problems, Salazar and Altman intend to install cameras, improve lighting and add a security gate.

The lot is only one block away from both the John Cook School of Business and the School of Law. It is also an alternative to the more expensive Gonzaga Lot and Laclede Parking Garage.

Students interested in obtaining a spot on the lot can call (314) 535-9989, e-mail [email protected] or pick up one of the many flyers around campus.

“We guarantee them a spot unlike SLU parking,” Altman said.

Parking at SLU will be more expensive next year for the first time since 1999. Parking systems are operating at about $700,000 in debt, and University officials are hoping that an increase in rates will eradicate it.

“Costs have increased while rates have remained frozen since 1999,” said Robert Altholz, vice president for business and finance.

A study on the parking system found that its total revenue was about $700,000 less than total expenditures of $3.7 million. The two largest expenses in the parking budget were the average interest expense and depreciation expense, both accounting for about $2 million of the budget.

“Depreciation expense represents an allocation of capital costs over the estimated useful life of the asset,” Altholz said. “Interest expense represents the interest the University annually pays on tax-exempt bonds that were issued to finance the parking facilities.”

Altholz also noted that the construction costs of all parking facilities is roughly $37 million, which was paid for with the tax-exempt bonds that are being paid-off by the University.

Other expenses in the parking system’s budget are Parking & Card Services, Department of Public Safety (security for the lots), electricity and maintenance.

Each year the University sells roughly 8,500 permits, which are the only source of revenue for parking.

“The parking program needs to be fully dependent upon the parking fee revenue,” Altholz said.

The new rates will be $375 a year for residents, $295 for full-time commuters and $250 for part-time commuters. The faculty and staff rates still range from $250 to $1,025 a year.