Why Is The Administration Proposing This Partnership?

This is an Economic Development Plan.

• Restructuring our management of parking allows dollars to come to the City's general fund in an upfront payment.
• This can be leveraged to create jobs and business growth now to provide ongoing tax revenue for the next 30 years.

Why Parking?

Parking is a key resource to support:

• Economic and business growth and retention
• Special events and tourism
• Residential vibrancy

Parking availability and convenience is a core City function.

Parking System operation is not a core City function.

• Little incentive for public sector to fund ongoing technology and innovation
• City can't match timeliness and efficiency of implementing technological advances

Goals Of Parking Modernization

• Increase Value of Parking System
• Improve Financial Flexibility of Parking Revenue
• Partner with World Class Operator
• Choose Partners with Technical Expertise
• Maintain Competitive Parking Rates
• Enhance Customer Service, Safety, and Security
• Ensure Construction of the Sycamore Garage
• Retain Public Oversight
• Support Business Growth
• Increase efficiency & innovation to ACCELERATE GROWTH