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Off-airport parking firm acquires local competitor

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A Cincinnati-based company that fought a legal battle with the Indianapolis Airport Authority over construction of an off-site parking facility has acquired its largest local private competitor and plans to close its lot.

Fast Park, which opened a 1,955-space covered parking facility in Ameriplex near the airport last month, purchased Indy Park Ride & Fly in a deal that closed Monday. Terms of the deal were not disclosed.

Indy Park, which opened in 1997, has more than 2,300 open-air spaces at 3875 Plainfield Road, three miles from FastPark's facility at 8550 Stansted Drive and about a mile from the airport.

Fast Park said Tuesday it will close the Plainfield road facility "within the next few months," and "consolidate Indy Park Ride & Fly customers and employees over to the recently-opened, state-of-the-art Fast Park facility on Stansted Drive."

“We’re very excited to welcome Indy Park Ride & Fly customers and employees to the Fast Park family,” Chief Operating Officer Manuel Chavez III said in a prepared statement. “We are currently working with Indy Park Ride & Fly employees and hope to bring over most of the staff to join our team as they are an important part of our future in Indianapolis. Not only do they have extensive knowledge and insight into the business and Indianapolis market, they are familiar faces that Indy customers know and respect.”

FastPark is planning a second phase of construction that will expand parking spots to 3,611. It did not disclose a timeline for the expansion. The company has 15 other off-airport parking lots across the country.

The $15 million Fast Park facility was authorized in 2011 by the Metropolitan Development Commission, but was opposed by the airport authority, Mayor Greg Ballard and some area residents. The airport gets a major share of its revenue from parking fees.

The airport authority waged a legal battle from early 2012 to mid-2013 against Fast Park developer Chavez Properties and Ameriplex owners Midwest Logistics Partners before finally dropping the case at the urging of the City-County Council.


 

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  • Never had a problem w/ airport parking
    I've always parked in the airport's long-term lot. It's never seemed like a long shuttle ride to the terminal. By all means, park off site if you like, but I've never seen the big allure to parking farther away to save, what, 1-2 dollars/day?
  • Airport needs to up its game
    The long-term lot at the airport is not user-friendly: too big, too long a shuttle ride. Why is the lot closer to the terminal no longer available? It was worth a couple $$ more/day and you could usually walk to the terminal. Now it sits empty. Airport needs to improve its long term parking and then it'll be competitive.
  • RE: City of indianapolis vs private enterprise
    I find it amazing that our Republican mayor will fight so hard against capitalism but use millions of tax dollars for a cricket facility that is doomed. As a resident of the area, literally right across the street, this is no worse that the large warehouses and hotels they are building right outside my front window. Hopefully the redevelopment will encourage them to buy out our neighborhood...
  • Typical hoosier friendliness hurting us again.
    Way to go. We had a chance to hold this wolf at the door, but now it's inside and gobbling up our local companies. Now the airport will make less money causing them to raise fees which in turn willl raise fares subsequentally reducing load factors and eventually reducing the number of flights. And through it all those who fly will be giving their parking money straight to Cincinnati.
  • If you can't beat'm... buy'm
    There is certainly nothing wrong in making smart business decisions when it come to your competitor. The airport parking business is nothing different.
  • Easy Park Works
    I haven't used these out of town guys, but the Easy Park lot on W. Washington St. which is locally owned, is wonderful and a real bargain at $5/day, depending on their daily deals.
  • parking
    Still a distance from the airport...I used the one at the old airport always but not now. Time issue
  • City of indianapolis vs private enterprise
    Wow government trying to squelch private enterprise

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    1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

    2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

    3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

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    5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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