NYC Considering Privatizing 80,800 Parking Meters

"We're seeking private-sector expertise on innovative ways to enhance the efficiency and quality of parking services provided by the city," a spokeswoman for the mayor's office said

Monday, Jun 11, 2012  |  Updated 4:14 PM EDT
View Comments (
)
|
Email
|
Print
NYC Considering Privatizing 80,800 Parking Meters

Getty Images

advertisement

New York City is considering privatizing its parking meters and is seeking statements from interested companies that can put up at least $100 million in cash or credit as collateral.

The Department of Transportation on Monday formally requested Statements of Qualification from companies interested in operating the meters regulating the city's 80,800 on-street parking spaces. Statements are due July 31.

Under any agreement the city would keep control of meter rates and enforcement of violations, said Julie Wood, a spokeswoman for the mayor's office.

"We're seeking private-sector expertise on innovative ways to enhance the efficiency and quality of parking services provided by the city," Wood said in a statement. "At the same time, we are taking a careful and deliberate approach to avoid mistakes others have made."

To be considered, companies will have to have experience running at least 20,000 on-street parking spaces and at least 100,000 spaces overall. They must be able to put up $100 million in collateral — enough money to guarantee a year's revenue.

Based on the responses, the city will decide whether to move forward with the project, which has been under consideration for some time. Last July, officials selected a financial adviser for the project.

Get the latest from NBC 4 New York anytime, anywhere. Follow us on Twitter, Facebook and Google+. Get our apps here and sign up for email newsletters here. Get breaking news delivered right to your phone -- just text NYBREAKING to 639710. For more info, text HELP. To end, text STOP. Message and data rates may apply.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Follow us on Instagram!
We post photos taken by our news... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out