PROVO — A parking permit program that would extend eight blocks south of Brigham Young University could cost in excess of $350,000 in the first year, according to a memo provided by Provo city staff to the City Council Tuesday.

Signs alone could cost more than $130,000, reported Brent Wilde, assistant director of Provo's department of Community Development.

Adding parking meters along 800 North would add another $80,000 to $100,000 to the bill but would provide revenue for a program that might be unlike any other in the country and would turn a profit in the second year.

The signs would warn BYU students and others not to park without a permit in the area that stretches nine blocks from University Avenue on the west to 900 East and eight blocks from Center Street on the south to 800 North.

Those who own — and live in — homes and condos in the Joaquin neighborhood would get one free on-street parking permit and could purchase a second for $25, Wilde said.

Tenants renting homes, apartments or condos could purchase a single permit for $25. Tenant permits would likely be bumper stickers, so they would be hard to transfer to another person.

The initial costs would include striping parking stalls and printing permits, in addition to the ongoing cost of three enforcement officers and two vehicles.

The city would lose $115,000 the first year because of start-up costs but make a $148,000 profit the second year, according to the memo. Annual revenues would be $244,000 and expenses would be $96,000, according to the memo.

The program is designed to ease parking congestion on the streets south of campus by excluding BYU students who for years have commuted to school and parked for free in the neighborhood.

BYU provides free on-campus parking, but many students prefer to park south of campus because of the area's proximity to major classroom buildings rather than park north of campus and walk from lots at the Marriott Center or LaVell Edwards Stadium.

Many apartment complexes in the neighborhood have more tenants than on-site parking spaces, forcing tenants to park on the streets in large numbers.

"This is a really good starting place for the neighborhood and the council," said Kurt Peterson, the Joaquin neighborhood chairman who requested the parking permit district. "It's an improvement on what I and the neighborhood suggested. It's easier and better for the students. They can breathe a sigh of relief. When they stop and think about it, a $25 fee for a parking place in the Joaquin neighborhood is a bargain."