The Ohio State University Board of Trustees approved a plan to privatize parking operations on Friday.
The $483 million, 50-year lease and concession agreement will go into effect in early October, 10TV News reported.
Investor QIC Global Infrastructure, based in Austrailia, will join with LAZParking, based in Connecticut, to create CampusParc. CampusParc will provide local oversight of the lease.
The $483 million upfront payment will provide $3.1 billion over the next 50 years. The money will go toward hiring faulty, providing
student scholarships, funding bus services and supporting the arts and humanities.
The agreement caps the annual parking rate increase at 5.5 percent for the first 10 years of the agreement. School officials said that
the university will still own the parking lots and garages.
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June 8, 2012: Ohio State To Recommend Leasing Parking Operations
May 2, 2012: Ohio State Students, Employees Protest Privatized Parking