The University of Toledo is partnering with ParkUToledo (a team comprised of Diogenes Capital and SP+) to refinance the non-core parking assets on University campuses.
ParkUToledo was selected following a competitive request for proposals evaluated by a committee representing treasury, auxiliaries, facilities, student disability services, academic affairs, athletics and UTMC stakeholders.
The 35-year contract provides an opportunity to refinance the University’s non-core parking assets with an upfront payment of approximately $50 million to be managed by the University of Toledo Foundation, as well as capital funding of $50 million over the life of the contract and excess cash flow from operations.
The University is refinancing non-core parking assets on campus. The change will provide much needed capital to invest in parking infrastructure and provide safe, well maintained lots for years to come.
As of October 8, 2021, daily parking rates, permit parking rates and parking citations, will include all credit card processing fees.
The University will work to finalize contracts and transition operations during 2021-22. Capital improvements will be made beginning in Summer 2022.
Student rates for 2021-22 will be $129 per semester (from $125), well below the Ohio public university average. Employee rates for 2021-22 will increase to begin aligning with student rates, with the most typical increase being $3.50 per month.
ParkUToledo will be responsible for improving and maintaining University parking facilities.
The agreement is 35 years.
The University will receive an estimated $50 million up front payment. In addition to the up-front payment, $10 million will be used for immediate capital improvements with additional capital funding of $40 million over the life of the contract. The University is projected to receive excess cash flows in-excess of $70 million.
No. CWA employees who worked in parking have bid into other University positions. ParkUToledo intends to hire University of Toledo parking staff to maintain parking operations at the University and will continue to rely on University student workers to staff roles in parking operations, just as the University has previously done.
The integration of parking operations with ParkUToledo will be seamless for students, faculty and staff.