Indianapolis’ Department of Public Works Board and its City-County Council Rules and Public Policy Committee will meet
on Monday to consider the city’s long-term parking-meter lease deal.
Mayor Greg Ballard announced on Aug. 20 that the city had entered into a 50-year lease agreement with Dallas-based Affiliated Computer Services Inc. Under terms, the city will receive $35 million upfront and a share of revenue, which is expected to increase during the span of the agreement from 20 percent to 50 percent.
The contract is expected to generate more than $400 million for the city over the life of the 50-year deal. It also should result in the creation of 200 jobs, the city said.
ACS plans to spend up to $10 million to replace the city’s aging coin meters with newer models that will accept credit cards. Hourly parking rates are expected to rise from 75 cents to as much as $1.50 in Broad Ripple and some busy downtown areas.
The private contractor likely will collect at least $724 million in revenue over the life of the proposed deal, based on an IBJ calculation using city revenue projections that are more conservative than those used by ACS. Under the more optimistic scenario, the company could collect as much as $1.2 billion.
The Public Works Board will meet at 1 p.m. Monday in the Public Assembly Room of the City-County Building. The Rules and Public Policy Committee will meet at 5:30 p.m. in Room 260 of the building.
The deal needs final approval from the City-County Council. New rates likely would not take effect until later this year or early next year. The City-County Council is expected to vote on the parking plan at its Sept. 20 meeting.