Indiana University puts parking lease on hold
Indiana University officials are putting on hold consideration of a plan to lease the parking facilities on the Bloomington and Indianapolis campuses to a private operator.
IU chief financial officer MaryFrances McCourt told IU's Board of Trustees members on Thursday that an analysis of a potential lease deal found that the revenue from the privatization wasn't "compelling" enough for the university to lose control of the parking garages and lots.
A 50-year lease involving the two campuses would probably bring in about $275 million. That's far less than the $483 million deal that Ohio State University got last year.
The analysis, backed by Goldman Sachs and Walker Parking Consultants, estimated that privatization would give IU about $20 million more over the 50-year lease than the parking operations would earn under the current university-run system.
Board of Trustees member Randall Tobias said that the proposal didn't really get the job done unless they have a business plan to actually follow through and implement the things that need to be done to achieve the revenue opportunities, the cost-savings, the efficiencies and so forth.
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