US state Indiana is eager to find out if the private sector can offer a ‘creative’ answer to its garage and surface lot parking.
‘The Hoosier State’ is considering enlarging one parking garage, and is open to finding a possible partner to manage, operate and maintain two more.
In addition, Indiana is interested in redeveloping a state-owned parking lot.
A Request for Information (RFI) due Friday, November 15, is receptive to either separately accepting a proposal per project, or a package deal involving each mandate.
The Indiana Finance Authority (IFA), a state agency in charge of debt issuance and financing, published the RFI, available here: http://www.in.gov/ifa/files/IFA_-_RFI_Parking_Facilities.pdf.
The RFI said the Midwest state is seeking to expand the existing Washington Street parking garage in Indianapolis.
Indiana is also seeking a possible private partner to run the Senate Avenue parking garage and White River Park parking garage, both also in Indianapolis.
Finally, the state is looking to develop a parking lot for parking or non-parking use, according to the RFI.
The Indiana RFI is the latest parking-related development for the asset class. Cincinnati, Ohio recently signed off on a $92 million public-private partnership (PPP; P3) to lease parking.
But Indianapolis has leased parking before: in 2010, the city awarded a 50-year PPP to manage its on-street parking system to Affiliated Computer Services (ACS).
Last autumn, Indiana University, stealing a page from Ohio State University (OSU), sought to lease its on-campus parking. OSU leased its campus parking in a $483 million deal.
Under former Governor Mitch Daniels, Indiana leased its Indiana Toll Road in 2006.
Procurement for a toll road concession involving Interstate 69 (I-69) is also underway.