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City parking agreement to receive first scrutiny

IBJ Staff
August 30, 2010
Keywords
City Government, City budget, City-County Council, Elected Officials, Government & Economic Development, Greg Ballard, Local Government, Privatization, Public policy
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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.
 

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  1. First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.

  2. I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.

  3. Accoriding to their website there is no deadline to the Do Not Call list. What is this article referring to??

  4. On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.

  5. It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.

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