In order to evaluate the current situation of the faculty of the engineering car park, it is necessary to analyze the parking demand and parking supply. Parking demand is represented by the number of cars parked in a parking place at a certain time on a busy day. In this study, the park is used by the staff of engineering college and their visitors. The parking demand of the mentioned park is estimated through a field survey within five official working days (Sunday through Thursday) of December 2018 at Engineering College /Mustansiriya University. It was found that peak hours of parking demand through the day are (from 8 AM to 12 PM), as presented in Table 1. It can be noticed that the peak number of cars reached 315 on Monday.

The current Parking supply is about 150 spaces, which means about 48% of the actual peak number of cars that are supposed to occupy the park while 52% of cars are parking in an irregular manner which causes congestion and waste a lot of time and effort and sometimes damage to cars due to space constraints as it can be noticed from Fig. (1).

Multi-story car parks can be one of the main facilities that assist in increasing the ease and efficiency of parking [9]. The evaluation of the Current Park situation indicates the need to find a radical solution, and since it is not possible to expand the park site horizontally, the researchers suggest the establishment of a multi-story park. It can give ideal usage of the region by expanding the quantity of cars that can be stopped in an accessible space by utilizing various floors.

Through the following, the researchers prepared a feasibility study for the proposed multi-story car park.

Conducting a technical feasibility study leads to the clarity of the technical aspects of the project, thus forming a clear vision of the project technically from the project owner perspective [10].

The project site is located in Baghdad / Al-Rusafa/ Bab Al Moatham to the right of the Faculty of Engineering, as explained in Fig. (2). The project will serve the staff of the Faculty of Engineering. The area of the project site is about (4875) m². As it was mentioned previously, the current park can accommodate 48% of the peak demand, so the researchers suggested converting the existing park into a multi-story car park to overcome the problem of the current park.

Based on maximum parking demand, which was previously estimated through a field survey of the current park, and depending on the standard parking design criteria [11], the researchers proposed the establishment of a multi-story car park with four floors and a maximum capacity of 560 cars. Table 2 shows the optimal distribution of cars on the proposed park floors as well as the location of the Engineering Consulting Office Facilities on the ground floor. Fig. (3) explains the proposed landscape of the ground floor, which will contain 128 cars with allocating 200 m² to construct the Engineering Consulting Office Facilities, while Fig. (4) explains the landscape of 1^st floor, which is the same as 2^nd, 3^rd, and 4^th floor.

Fig. (1). The current park situation.

Fig. (2). Location of the proposed project site.

Fig. (3). Ground floor landscape.

Fig. (4). 1st – 4th-floor landscape.

The beneficiaries of the proposed project are the staff of the Faculty of Engineering and visitors to the College. The following benefits can be achieved from the implementation of the project:

1. Solve the problem of parking in the current park allocated to the staff of the Faculty of Engineering, where consumes a lot of time in the process of stopping and taking out cars due to the small space of the park and the increased number of cars.

2. Provision of suitable space for Engineering Consulting Office Facilities

3. The application of scientific research for faculty professors and postgraduate students, which aims to use modern engineering techniques in the implementation of the project, such as the use of solar energy in the provision of electricity, the use of green architecture techniques, the use of environmentally friendly building materials, and the use of alternatives to reduce the cost of implementation of the project.

For the purpose of environmental assessment, the following points may be indicated:

1. The project site is basically a car park currently, and therefore it does not include overtaking green spaces or cutting down trees.

2. The project will provide a suitable systematic place for parking during peak periods, which will reduce irregular parking spaces in the project area and thus reduce the negative effects of them.

3. Disposal of construction waste (failed concrete mixtures and residues of construction materials left over from work) in an environmentally sound manner.

4. The preliminary design of the project was proposed according to the design requirements that provide comfort and safety for car owners during parking or taking them out from the garage.

In general, any project uses resources (capital, land, labor). These resources are limited or scarce, so it is important to use these resources in the best way to maximize the benefit of these resources.

The researchers propose to implement the project in the form of investment in accordance with BOT contracts to ensure appropriate funding for the project with the possibility of placing the requirement to involve the engineering cadres of the College within the stages of design and implementation. The investor shall finance the project, execute and operate it for a nominal fee and then return the project to the Faculty of Engineering after the end of the investment contract.

For the purpose of the economic evaluation of the project, some economic indicators have been adopted, such as a simple rate of return, net present value, internal rate of return, and payback period [13].

4.8.1. Simple Rate of Return

The project achieves a simple rate of return (5.49%), which represents the percentage of the net profit of the proposed project compared to its estimated cost as shown in Equation (1) [13]:

(1)

4.8.2. Net Present Value (NPV)

The net present value of costs and returns is calculated during the life of the project at a discount rate of 5% and a discount rate of 10%. It calculated using equation (2) [13].

(2)

It can be noticed from Table 5 that a 5% discount rate gives positive (NPV), which means the project is economically feasible at this discount rate.

4.8.3. Internal Rate of Return (IRR)

The discount rate, which is often used in investment budgeting, causes the present value of all cash flows from a given project to be zero [14]. IRR represents the discount rate, at which the investment value is equal to the present value of the net cash flow throughout the life of the project. Depending on Table 5, the project can achieve (IRR= 8.1), as explained in equation (3).

(3)

Table 4. Annual net profit $.

-	Year	Construction Cost $	Maintenance Cost $	Revenues $	Annual Net Profit $
0	2020	2070438	0	-	-2070438
1	2021	2070438	0	-	-2070438
2	2022	0	0	385000	385000
3	2023	0	0	385000	385000
4	2024	0	0	385000	385000
5	2025	0	0	385000	385000
6	2026	0	0	385000	385000
7	2027	0	62,113	404250	342,137
8	2028	0	62,113	404250	342137
9	2029	0	62,113	404250	342137
10	2030	0	62,113	404250	342137
11	2031	0	62,113	404250	342137
12	2032	0	65,219	424463	359244
13	2033	0	65,219	424463	359244
14	2034	0	65,219	424463	359244
15	2035	0	65,219	424463	359244
16	2036	0	65,219	424463	359244
17	2037	0	68,480	445686	377206
18	2038	0	68,480	445686	377206
19	2039	0	68,480	445686	377206
20	2040	0	68,480	445686	377206
21	2041	0	68,480	445686	377206
22	2042	0	71,904	467970	396066
23	2043	0	71,904	467970	396066
24	2044	0	71,904	467970	396066
25	2045	0	71,904	467970	396066
26	2046	0	71,904	467970	396066
27	2047	0	75,499	491368	415870
28	2048	0	75,499	491368	415870
29	2049	0	75,499	491368	415870
30	2050	0	75,499	491368	415870
-	Sum.	4,140,875	-	12,602,314	6,820,867

Fig. (5). Estimated cash flow.

Table 5. Discounted net present value.

No.	Year	Net Present Value	NPV at 5% Discount Rate	NPV at 10% Discount Rate
0	2020	-2070438	-2070438	-2070438
1	2021	-2070438	-1971845	-1882216
2	2022	385000	349206	318182
3	2023	385000	332577	289256
4	2024	385000	316740	262960
5	2025	385000	301658	239055
6	2026	385000	287293	217322
7	2027	342,137	243150	175570
8	2028	342137	231572	159609
9	2029	342137	220544	145099
10	2030	342137	210042	131909
11	2031	342137	200040	119917
12	2032	359244	200040	114466
13	2033	359244	190515	104060
14	2034	359244	181442	94600
15	2035	359244	149273	64613
16	2036	359244	164574	78182
17	2037	377206	164574	74628
18	2038	377206	156737	67844
19	2039	377206	149273	61676
20	2040	377206	142165	56069
21	2041	377206	135395	50972
22	2042	396066	135395	48655
23	2043	396066	128948	44232
24	2044	396066	122807	40211
25	2045	396066	116959	36555
26	2046	396066	111390	33232
27	2047	415870	111390	31722
28	2048	415870	106086	28838
29	2049	415870	101034	26216
30	2050	415870	96223	23833
-	Sum.	6,820,867	1,314,762	-813,169

4.8.4. Payback Period

The period required to recover the capital invested in the project is ten years and is calculated from equation (4) [14]

(4)

Which means that the investor will have his investment back after 10 years of operating the project