ParkUToledo
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, accessibility and disability resources, 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.
What is changing related to campus parking?
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.
When will parking facilities be upgraded?
The University will work to finalize contracts and transition operations during 2021-22. Capital improvements will be made beginning in Summer 2022.
What impact will this have on parking rates?
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.
Who will be responsible for maintaining University parking facilities?
ParkUToledo will be responsible for improving and maintaining University parking facilities.
How long does the agreement last?
The agreement is 35 years.
What is the financial benefit to the University?
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
What campus improvements are expected from the proceeds of the contract?
Specific projects will be identified as part of the University’s annual capital program and aligned with the Multiple-campus Facilities Master Plan.
Will any University employees lose their job?
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.
What changes should I expect to parking policies and processes?
The integration of parking operations with ParkUToledo will be seamless for students, faculty and staff.
How do I secure a parking pass under the new vendor?
- Student and employee parking passes will continue to be secured online.
- Students can pay via credit card or electronic check.
- University employees can continue to pay via payroll deduction.
- Employees who pay annually and University affiliates will continue to pay online via credit card or electronic check.
- Guests will continue to secure a guest parking permit via the parking portal.