What Are The Key Terms Of The Proposal?

• $92 million upfront payment entirely financed with bonds issued by the Port Authority
• City receives an annual installment payment estimated at $3 million initially, and expected to grow over time
• Over $20 million in initial capital improvements for meters and Sycamore garage
  • Construct Sycamore garage
  • Immediate on-street improvements
• Overall capital investment estimated at $98 million over term of the lease
• Term: 30 years on-street, 50 years off-street
• Agreement between the City and the Port Authority contains operating standards
• Ability to alter provisions over time, if necessary, through the Advisory Committee process
• The City retains the ability to terminate the agreement if the operating standards are not substantially met
• Upgraded parking system returns to the City at the end of the lease term