st louis campus parking - 9 12 2011 mclean version

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St. Louis Campus Parking

Status & Recommendations

Corporate Properties Group

September, 2011



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Campus Overview

Approximately $20Mcapital requirement for

new garage



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Current Wells Fargo St. Louis CampusParking Practice

§ Reserved parking space for team members with

§ 15 years or more of service

§ VP title and above

§ Temporary medical conditions (non-stateapproved handicap status), such as foot surgery,

sprained ankles, etc

§ All other team members park in open parking on a

first come, first serve basis

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Wells Fargo and Competitor ParkingPractices

Wells Fargo Practice§ Open parking on a first come, first serve basis (Admin. Sites total 50

million SF – St. Louis HO total 2.2 million SF)

§ Practice Exceptions:

§ Downtown Campus, Des Moines, IA – eligibility based on years of service

§ Total parking spaces 3,112; 1,854 reserved in a parking ramp on a first come, first serve

basis

§ Menomonee Falls, WI. (legacy Strong Asset Management) – eligibility based on years of service

§ Total parking spaces 560; 300 reserved spaces are assigned to individuals based on

tenure

Competitors in St. Louis§ Scottrade – Reserved parking only for senior

most executives

§

Edward Jones – No reserved parking for



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Typical Recent Associate Feedback Relatingto Unreserved Parking Space Availability

§ May of 2011 was the first instance CPG receivedcomments relating to lack of open parking:

55

“This morning I drove around for 25 minutes looking for anunreserved parking spot. I ended my parking fiasco by finding a

metered spot on Leffingwell…”

“..I am an associate who relocated from Richmond. In Richmond,parking was on a first come, first serve basis….I have beenfortunate enough to find parking on the roof of the Olive garage,until….the top deck has now been marked as “reserved”…

“HQ News carried a notice that we will no longer be able to park inthe "A" lot beginning Monday, April 25. We're told to go to Roadwayor the "F" building garage. How nice that room is being made for

titled people with no mobility issues in favor of senior citizens withback and hip issues. I will not be able to walk the long distance fromeither of these two parking areas…..”



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Reserved Parking breakdownCurrent Reserved Classification Detail # of TM

15+ years of service – not VP 693VP and above 904

Total Reserved spots 1,597

Source: June 7, 2011 report from WBR Human Resources Representative

Laurie Bean.

Title # of TM 15+ Yrs of SvcEVP 5 2

Managing Director 59 34

Director 8 2

SVP 165 74FVP 139 51

VP 528 158

Total 904 321

15+ Yrs of Svcforecast

# of TM

2011 36

2012 169

2013 152

2014 187

Current Criteria Statistics

Future Eligibility – Years of Service



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§ Parking Supply Vs. Known Requirements

§ September, 2011 parking demand is barely being met. Additional headcount forecasted Q4 2011 will result in a shortfall by year

end of 228 spaces. Added to future reserved eligibility, changes to commuter behavior, learning center functions, construction

worker requirements or absentee rate, could result in higher parking shortage by YE 2011.

Estimated Parking Shortfall: 228spaces



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§ 2012 Estimated Headcount Increases

In addition to the 228 spaceshortfall detailed on theprevious slide forecasting2011, 2012 headcountincrease estimates willincrease the shortfall an

additional 527, for anestimated YE 2012 parkingshortfall of 755 spaces.

• BSG Estimated Growth



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Current issues and projected needsIssue Result

In any given day, at least 15% of

reserved spaces (~240) remain unuseddue to PTO, travel, etc.

• Team members have voiced concern

over empty reserved spaces• Spaces go unused through the day

~200 new reserved parking spots peryear are needed to accommodatepromotions and years of service

• More open spaces will need to beconverted to reserved

• Convenient access to open spaces will

be limitedTeam Members are now parking onBeffa’s and other non WF parking lots

• Potential liability• Reputational risk



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Reserved Parking AlternativesOption #1 (Maximum)

Pros Cons

Maximizes use of all available parking spaces to 100%; minimizes “waste factor” due to 15% absentee rate.

Culture shock!

Brings campus parking policy in line with firm practice. Makes allspaces accessible to team members as equals. All team membershave potential for prime parking

Team members arriving later to the site may have to parkfarther away from their office building.

Afford team members who are currently eligible for reservedparking the opportunity to opt for reserved spaces, at marketreserved rates ($80-$100/mo) and encourage carpooling andmass transit, reducing number of parking spaces needed

Perception that people are “losing” a perk

Reduce operating costs in security labor costs, supplies and paint– approximately $30,000 annually, as well as significant reductionof parking violation and reserved space management

Need to manage monthly parking

§ All spaces in lots and garages are accessed on a first come first serve

basis by the entire campus population

§ Offer reserved parking at a monthly fee based on the market rate for

St. Louis ($80-$100/mo)

§ Policy exceptions: car pool, temporary handicap stickers



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Reserved Parking AlternativesOption #2 (Moderate)

Pros Cons

Maximizes use of all available parking spaces to 100%;minimizes “waste factor” due to 15% absentee rate.

Perception that people are “losing” a perk

Brings campus parking policy in line with firm practice. Makesmore spaces accessible to team members who do not qualify for

reserved due to years of service. All team members canpotentially access prime parking.

Team members arriving later to the site may have to parkfarther away from their office building.

Reduce operating costs in security labor costs, supplies and paint– approximately $30,000 annually, as well as significantly reduceparking violation and reserved space management.

Cost will be incurred to install card access activated gates tothe garage entrances.

§

Offer open reserved parking, on a first come, first serve basis, in theOlive Garage (approximately 850 spaces), based on years of service or

other criteria

§ All spaces in lots and Market Garage are accessed on a first come, first

serve basis, by the remaining campus population

§

Policy exceptions: car pool, temporary handicap stickers



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Reserved Parking AlternativesOption #3 (Minimum)

Pros Cons

Provides a solution for additional parking requirement; spacescan be purchased as needed, managing cost of parking lease

2011 - Additional cost for leasing parking spaces from SLUgarage - $58/mo x 12 mo = $696 annual cost per spot – by YE2011, an additional 228 spaces x $696 = $39,672 (Oct – Dec)PLUS shuttle service, $154,375 annual cost - $38,594 (Oct –

Dec). TOTAL 2011 PROGRAM COST OF $78,266 Oct – Dec.

2011. 2012 annual program cost equals$679,855.

Maintains current reserved policy for team members who arecurrently eligible for reserved parking

HO Campus parking policy not in line with corporate model.

Cost will be incurred to install card access activated gates to

the garage entrances.

§

No change, reserved parking process remains the same§ Lease additional spaces required from SLU garage

§ Add shuttle service to transport team members from SLU garage to the

campus

§ Policy exceptions: car pool, temporary handicap stickers



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Recommendations (Focus on Reducing Demand)

§

Eliminate reserved parking practice.§ Offer reserved parking at a cost.

§ Assign top floor of Market Street garage for service providers and

temporary staff use.

§ Increase awareness of commuter benefit and consider increasing monetary

benefit.§ Promote car pooling (reserved parking space at no cost).

§ Implement and promote reserved piggyback parking space concept

(reserved parking space at no cost).

§ Potential business unit options:

§ Work from home for select team members

§ Offer flex time to staff



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Appendix



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St. Louis Campus Population and ProjectedParking Requirement

Meetingcurrent

demands

7

Summary of Parking Spaces

Current Reserved Parking Spaces 1,928 42% Total requirement 5,103

(includes visitor, handicap/medical, reserved

security, maintenance, carpool) Less reserved 1,928

Open Parking Spaces 2,681 58% Subtotal - Open Parking Requirement 3,439

Total Parking Spaces Available 4,609 Less commuters (Metro, Vanpool, Carpool) 354

Less absence factor 15% (conservative) 515

Summary of Campus Population

Net Open Parking Requirement 2,306

Team Members per HR report June, 2011 4,368

Clayton Mortgage Operation Remaining 76

Contractors, per Jan., 2011 Estimates 530 As of Q2 11

Move toappendix?

h l i id d



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Other Alternatives Consideredfor Addressing Parking Requirement

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Alternative Pros Cons Feasibility Alternative #1

Restripe Lot #6 to 8 1/2 foot width

Spaces Added Adds 33 Park ing Spaces Smaller Parking Spaces

One-time Project Cost $62,000 Low

Reconfigure Lot 22

Spaces Added Adds 20 Park ing Spaces Removes some landscaping

One-time Project Cost $32,000

Alternate #2 Park ing Spaces Added Negative response toValet Parking Service similar type service

Spaces Added Varies at other site; cost.

Approximate Annual Cost $175,000 Low

Alternate #3 Parking Requirement Reduced Cost to the firm.

Increase Metro Pass Use

Spaces Added Varies Low/Medium

Project Cost Varies

Monthly Cost per additional space $21.75/team member/monthAlternate #4 Lot is for sale as part of the

Utilize Enterprise Lot sale of the Trust building.

Spaces Added Adds 160 Parking Spaces Distance too far from campus. Low

Project Cost No Cost $0



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WageWorks Commuter Benefits

§

Benefits of using WageWorks§ Pre-tax dollars, up to $230 mo., maximum

§ Convenience to team members

§ Toll free call or website used for enrollment and cancellation.

§ Smooth transition for management

§ Existing system customized for managing team member parking fees.

§ WageWorks Program overview

§ Team Member signs up for a reserved parking space, make changes to existing space or cancels

their space, by phone or on-line

§ Parking facilities that are part of the reserved program will be listed as options under the St. Louis

Campus location

§

Team Member selects location and enters monthly due. Payments are automatically set up forpayroll deduction

§ Team Member receives email confirming enrollment

§ Information from Team Member enrollment is shared with CPG parking manager and Team

Member is assigned parking in reserved space or reserved section

st louis campus parking - 9 12 2011 mclean version

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