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OSU Parking Privatization - News & Updates

Home Forums General Columbus Discussion OSU Parking Privatization – News & Updates

Viewing 15 posts - 61 through 75 (of 106 total)
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    Posts
  • #494446

    joev
    Participant

    Gee is a little turd. Leasing public assets at bargain basement rates is fiscally irresponsible.

    #494447

    joev said:
    Gee is a little turd. Leasing public assets at bargain basement rates is fiscally irresponsible.

    I am against the sale, but how did you arrive to the conclusion that this is a bargain basement price? What value did your present value calculation yield? What growth rate did you use in your revenue projections? What discount rate did you use to discount the cash flows? Just curious because from what I can tell this was a fair market price for the asset. I have other reasons I am against the sale personally.

    #494448

    News
    Participant

    OSU picks its parking contractor
    By Encarnacion Pyle
    The Columbus Dispatch Saturday June 9, 2012 7:55 AM

    It looks as if Ohio State University administrators think $483 million is too good a deal to pass up. Campus officials announced yesterday that they plan to ask the Board of Trustees on June 22 to approve leasing OSU’s roughly $28 million-a-year parking operation to QIC Global Infrastructure and its partner, LAZ Parking, for the next 50 years.

    READ MORE: http://www.dispatch.com/content/stories/local/2012/06/09/osu-picks-its-parking-contractor.html

    #494449

    Analogue Kid
    Participant

    local champion said:
    I am against the sale, but how did you arrive to the conclusion that this is a bargain basement price? What value did your present value calculation yield? What growth rate did you use in your revenue projections? What discount rate did you use to discount the cash flows? Just curious because from what I can tell this was a fair market price for the asset. I have other reasons I am against the sale personally.

    But a transportation official for Texas A&M University who has examined Ohio State’s bid thinks it would be a bad idea to copy it. The only reason that private investors are interested is because they stand to make around $5 billion — far more than the $483 million they would pay OSU, said Kenneth Kimball, the assistant director for fiscal operations and compliance at Texas A&M’s transportation-services office.

    “If money is needed right now for projects that would help retain the student population — the only valid reason to do this — doesn’t the Ohio State University have a cheaper source (of money) through bonds?” Kimball said.
    From http://www.dispatch.com/content/stories/local/2012/06/11/osu-prepares-for-possible-hits-to-government-funding.html

    #494450

    News
    Participant

    #494451

    Analogue Kid
    Participant

    ^lol Democrats and Republicans both agree this sounds like a bad deal

    #494452

    Analogue Kid said:

    But a transportation official for Texas A&M University who has examined Ohio State’s bid thinks it would be a bad idea to copy it. The only reason that private investors are interested is because they stand to make around $5 billion — far more than the $483 million they would pay OSU, said Kenneth Kimball, the assistant director for fiscal operations and compliance at Texas A&M’s transportation-services office.

    “If money is needed right now for projects that would help retain the student population — the only valid reason to do this — doesn’t the Ohio State University have a cheaper source (of money) through bonds?” Kimball said.

    From http://www.dispatch.com/content/stories/local/2012/06/11/osu-prepares-for-possible-hits-to-government-funding.html

    Meaningless. It’s simple present.value. 5 billion over 20 years is not the same as 5 billion today, a dollar today is worth more than a dollar a year from now. Why do you think the lump sum for the lottery is a lot less than the annuity.

    #494453

    News
    Participant

    OSU board set to privatize parking for $483 million
    By Alissa Widman
    The Columbus Dispatch
    Friday June 22, 2012 8:39 AM

    Ohio State University’s board of trustees is set to vote today to lease its parking operation to private investors for $483 million. The board’s finance committee unanimously approved a resolution yesterday that calls for Ohio State to lease its roughly $28 million-a-year parking operation to QIC Global Infrastructure and its partner, LAZ Parking, for the next 50 years.

    READ MORE: http://www.dispatch.com/content/stories/local/2012/06/22/osu-board-set-to-privatize-parking-for-434m.html

    #494454

    johnwirtz
    Participant

    1. I’d like to see more details on this, specifically about the ability of the university to reduce the number of parking spaces on campus on a temporary or permanent basis without penalty. I don’t want to see OSU have the same problems Chicago now has.
    2. 50 years is too long. I don’t think they should be leasing anything for more than 5 to 10 years.

    #494455

    Analogue Kid
    Participant

    johnwirtz said:
    1. I’d like to see more details on this, specifically about the ability of the university to reduce the number of parking spaces on campus on a temporary or permanent basis without penalty. I don’t want to see OSU have the same problems Chicago now has.
    2. 50 years is too long. I don’t think they should be leasing anything for more than 5 to 10 years.

    Per Geoff Chatas, those details are confidential. I said it before and I’ll say it again, OSU has no clue what they just got themselves and all faculty, staff, and students into.

    #494456

    ExileOn6thSt
    Participant

    Guessing the real winners in this deal will be lawyers. They’ll have plenty of work to do once this deal goes south.

    #494457

    johnwirtz
    Participant

    Analogue Kid said:
    Per Geoff Chatas, those details are confidential. I said it before and I’ll say it again, OSU has no clue what they just got themselves and all faculty, staff, and students into.

    I would think contracts from a public university would be public information.

    #494458

    Analogue Kid
    Participant

    johnwirtz said:
    I would think contracts from a public university would be public information.

    Yes, one would think that, but no. They may finally release it now that it’s been signed since there’s nothing that can be done to get out of it.

    #494459

    News
    Participant

    Fees For Ohio State Parking Permits And Hourly Parking Increasing
    February 15, 2013
    by Tom Borgerding
    89.7 NPR News Managing Editor

    The private operator of Ohio State University parking operations has increased hourly rates at the 18 campus parking garages. The higher parking garage rates are the first of more planned changes.

    READ MORE: http://wosu.org/2012/news/2013/02/15/fees-for-ohio-state-parking-permits-and-hourly-parking-increasing/

    #494460

    mrpoppinzs
    Member

    I wonder if (and most likely when) this will affect the South Campus Gateway. They are increasing short term rates by 50%.

    “QIC paid for the system; there are some expectations on revenue,” Blouch says.

Viewing 15 posts - 61 through 75 (of 106 total)

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