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OSU Parking Privatization - News & Updates

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This topic contains 99 replies, has 38 voices, and was last updated by countessbranca countessbranca 5 months, 3 weeks ago.

Viewing 15 posts - 46 through 60 (of 100 total)
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  • #494431

    howatzer
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    Jeffersin said:
    What happens after the first 10 years is up? They can increase the percentage every year by any amount they want?

    From the FAQ page

    What happens to rate increases after the first ten years?

    The cap for the remaining years would be set by the Midwest Consumer Price Index or 4 percent—whichever is higher. The Midwest Consumer Price Index is part of the Consumer Price Index and measures inflation in our region of the country, as opposed to just national standards alone. There are also details in the proposed contract to ensure that a random spike in national or regional inflation over one or even two years would not mean a significant cost increase for our faculty, staff and students.

    #494432

    NerosNeptune
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    Jeffersin said:
    from above… a guaranteed maximum parking rate-increase capped at 5.5 percent for the next ten years.

    What happens after the first 10 years is up? They can increase the percentage every year by any amount they want?

    Not only that, but OSU would be barred from doing anything that would further students/employees options to escape those fees.

    #494433

    howatzer
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    NerosNeptune said:
    Not only that, but OSU would be barred from doing anything that would further students/employees options to escape those fees.

    Is the actual text available anywhere? Going back through this thread, the source of this statement appears to be hearsay in a yay! bikes blog post.

    #494434

    NerosNeptune
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    No, the contracts haven’t been available for public consumption, so we are just going on that conversation.

    They do mention it in the FAQ you posted, saying they showed the companies their current plans and will be allowed to follow through with them. I doubt those plans go 50 years into the future (or would be relevant then even if they did), but who knows. The school wants it, so they will sugar coat it, pass it whether the faculty or students are happy with it or not, and that’s just the way it is.

    #494435

    Analogue Kid
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    howatzer said:
    Is the actual text available anywhere? Going back through this thread, the source of this statement appears to be hearsay in a yay! bikes blog post.

    They are pulling a Nancy Pelosi tactic here, let’s get this contract signed so we can see what’s in it!

    #494436

    howatzer
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    NerosNeptune said:
    No, the contracts haven’t been available for public consumption, so we are just going on that conversation.

    If the contracts are unavailable, then how would that person know that language exists in them?

    #494437

    NerosNeptune
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    who knows, but it’s all we have to go on. apparently these things don’t have to be available. all we have is a PR-laden FAQ website with very little of the 100+ pages of terms of the deal.

    #494438
    megan888
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    I work at OSU and went to a parking meeting, and they did say that any time OSU does something that the parking company determines to be a hit on their income (I forget the official wording they use), OSU will have to compensate them for it.

    They said they’d make the documents available, but you have to go to a specific office and request to look at them, and you cannot take them with you.

    The one positive/smart thing I’ve heard is the company would only be allowed to enforce when necessary, and that any money collected from enforcement (i.e. parking tickets) would be kept by OSU.

    Also, football days are specifically excluded and those revenues will be kept by OSU. We’re allowed to have a few other exclusion days as well, like commencement and move-in day.

    #494439

    mrpoppinzs
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    megan888 said:
    I work at OSU and went to a parking meeting, and they did say that any time OSU does something that the parking company determines to be a hit on their income (I forget the official wording they use), OSU will have to compensate them for it.

    They said they’d make the documents available, but you have to go to a specific office and request to look at them, and you cannot take them with you.

    Sometimes, I think Gee attaches the bow tie to his butt.

    I am wondering if Mr. Gee also attaches a bow tie to his butt so people are not sure what half they are kissing. I think this will be bad in so many ways…

    I am wondering if Mr. Gee also attaches a bow tie to his butt so people are not sure what end they are kissing…

    It is sad and I think bad for the area. I know several investors who are planning to capitalize on raising OSU parking rates (more off campus crap parking lots). This is NOT good for the area.

    The one positive/smart thing I’ve heard is the company would only be allowed to enforce when necessary, and that any money collected from enforcement (i.e. parking tickets) would be kept by OSU.

    Also, football days are specifically excluded and those revenues will be kept by OSU. We’re allowed to have a few other exclusion days as well, like commencement and move-in day.

    Uggh, these types of policies change all of the time and you will have no say. All of this is word of mouth. If OSU was handing out a written contract it would be different.

    I know several investors who plan on capitalizing on this and it just means more shitty off street parking in South Campus and Weinland Park.

    #494440

    futureman
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    Largest OSU parking bid came in at $483 million
    Business First by Carrie Ghose, Staff reporter
    Date: Tuesday, June 5, 2012, 2:56pm EDT – Last Modified: Tuesday, June 5, 2012, 3:11pm EDT

    http://assets.bizjournals.com/columbus/news/DAI-OSU-parking-final-bids.png?v=1


    An Australian investment fund and Connecticut parking manager have teamed up for the lead bid to take over Ohio State University parking operations for 50 years, offering to pay $483 million up front, the university said Tuesday.

    The university says if trustees approve the deal, it would put the money – more than $100 million over what the school sought last year – into an endowment. The endowment over the next 50 years could generate $871 million for bus service and pedestrian infrastructure on campus and $3.1 billion for academics.

    READ MORE: http://www.bizjournals.com/columbus/news/2012/06/05/largest-osu-parking-bid-came-in-at.html

    #494441

    jbcmh81
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    News said:
    Gee says parking could save OSU
    By Encarnacion Pyle
    The Columbus Dispatch
    Friday June 1, 2012 6:54 AM

    Ohio State’s future could be filled with huge budget cuts, layoffs and bigger-than-normal tuition increases if the university doesn’t consider taking a payout from leasing its parking operation, President E. Gordon Gee told professors yesterday.

    READ MORE: http://www.dispatch.com/content/stories/local/2012/06/01/gee-says-parking-could-save-osu.html

    In other words, OSU wants to scare people into going with the privatization. And of course the Dispatch has their collective noses right up Gee’s butt.

    #494442

    Analogue Kid
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    <Gee>If we don’t get this thing privatized, we’ll have to sell Brutus Buckeye to Michigan.</Gee>

    #494443

    Jeffersin
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    Following several informational meetings with faculty, staff, and students about the bids to manage our parking operations, the University will recommend to the Board of Trustees that we accept the offer put forward by QIC Global Infrastructure and its operating partner LAZ Parking. The recommendation will go to the Board of Trustees for its decision later this month.

    As I wrote in my note last week, QIC’s offer would mean an upfront payment of $483 million for the University, and a guaranteed maximum annual parking rate increase capped at 5.5 percent for the first ten years. That would translate into a rate increase of $40 over the current rate for an A permit, $20 for a B permit, and $14 for a C permit. QIC’s bid would generate substantial money for the University to allocate to core academic purposes while capping parking rate increases at or below historic averages. Moving forward with this agreement would be one component of an overarching strategy to strengthen our faculty, students, and programs by generating new funding. Other strategies include increased research funding, private giving through our $2.5 billion fund-raising campaign, affinity agreements, and operating efficiencies, among other measures.

    Finally, QIC has announced that it has asked Ohio State alumnus Bill Lhota, recently retired leader of the Central Ohio Transit Authority (COTA), to serve as chair of the project, pending Board approval. As you might know, Bill has been one of our most engaged alumni, including serving as chair of the Alumni Association Board of Directors. He received the University’s Distinguished Service Award last year.

    We will keep you informed, and updated information will continue to be posted on the website <http://www.osu.edu/parkingproposal/&gt;.

    Sincerely,

    Joseph A. Alutto
    Executive Vice President and Provost

    #494444

    leftovers
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    sold down the river without a paddle…

    #494445

    Analogue Kid
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    And we still don’t know what’s in the contract….

    Mark my words, we will regret this down the road and wonder why they rushed the decision rather than stopping to actually understand what we’re signing up for.

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