Wed December 12, 2012
More details on Cincinnati parking proposal
Cincinnati's City Manager released more details Tuesday about 8 of the 9 companies that submitted proposals to operate some of the city's parking facilities.
Milton Dohoney, Jr. said in a memo 3 of the firms are offering an upfront payment ranging from $100 to $150 million plus revenue sharing provisions.
Two are offering between $45 and $60 million and 3 did not meet the minimum upfront payment required in the request for proposals.
The city asked for a minimum of $40 million.
The latest memo also said the city is not interested in a partner who will raise rates sky-high and drive business away. It says prices won't exceed the market's rates.
The manager also said the issue is not being considered for a one-time budget fix. He said it will expand the parking system and create an ongoing revenue stream for the city's troubled general fund.
The manager said no final evaluations or determinations have been made and no respondents have been removed from the process.
A ninth company has filed for a temporary restraining order from the court to prevent the release of its information.
The manager proposed letting a private firm operate the city's parking and he used $21 million to balance next year's city budget.