The city is kicking in $6.35 million toward a $15 million parking garage with first floor retail space and a police substation in Broad Ripple. The 350-space garage is planned for the southwest corner of Broad Ripple and College avenues. City officials selected the bid from Newpoint Parking, Keystone Construction, Ratio Architects and Walker Parking Consultants after an RFP process to address a shortage of parking in the neighborhood. The taxpayer's portion of the cost will come from proceeds from the privatization of parking meters. A statement from the office of Mayor Greg Ballard includes this seemingly contradictory statement: "Operators will set market rates for parking at the garage, but the city will have oversight and the ability to cap the rates." Which is it? The mayor's office promised a July public meeting to give members of the public a chance to comment on the plans. Click the rendering for a larger version.