Terms Of Proposed Deal

What Are The Key Terms Of The Proposal?

  • $85 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
  • Immediate improvements to on-street meters
  • 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