2902 COLBY AVE 2018-01-02 MF Import

Page 3 In other words, actual parking space usage at the three savings offices was one vehicle parked at any one time for each of the dollars of savings sho--gym . However, there is also a direct relationship between the customer vehicle parking space usage and the distance of the savings office from the center of the business district. To illustrate the fact more clearly, Illustration 2 is a map of the central business district with the locations of the three savings institutions marked. The 2900 Block of Colby Avenue is considered to be the center of the business district. The distances of the three offices from the nearest points of the 290n Block, and the dollars of savings per vehicle parked, are these: Pioneer -1st Federal S & L Assoc Everett Federal S & L Assoc. Washington Mutual Savings Bank Distance Dollars of savings in feet per vehicle parked 600 $6,250,000 830 $5,714,286 1,110 $3,6.36,363 Pioneer is the shortest distance from the center of the business district and customer parking usage is the lowest in relation to savings volume; Washington Mutual is most distant and parking usage is the largest. It is reasonable, then, that a savings bank office located at the center of the business district would require still fewer parking spaces to serve customers in relation to savings volume. Illustration 3 projects that logic. The actual highest customer parking space usage at the three savings institution offices, in relation to their distances from the center of the business district, as extended by a straight-line projection, shr:.s that a savings office located at the Fidelity Mutual Savings Bank site wou-d experience customer vehicle usage of one vehicle at any one time for approximately every $9,000,000 of savings volume. To provide better custo- mer service and to be conservative in projecting need this report uses the ratio of one vehicle space for every $7,500,000 of savings volume as being expected customer usage. It is difficult to predict accurately the amount of growth in savings volume Fidelity will realize at its new office. It is characteristic that a new office gains rapidly at the beginning of its occupancy and more slowly as time passes. Management projections are that total savings volumes in the next 12 years through 1990 will approximate the following: End of 1980 $15,000,000 End of 1985 $35,000,000 End of 1990 $45,000,000 Based on actual customer vehicle parking usage at three existing savings institution offices in the central business district, and considering