In 2011 Cincinnati realized net operating income of $7,286,926.00 from the operation of the parking facilities subject to the proposed lease.
"The Concessionaire is free to make adjustments to parking meter enforcement hours throughout the City"
"The $0.50 per hour neighborhood and Over-the-Rhine on-street parking rates may increase to $1.00 at the beginning of the Agreement"
"The Concessionaire is encouraged to propose new on street special event rates that could be charged during evenings and weekends except from8:00 AM to 5:00 PM, Monday through Friday."
Flexibility on On-Street Rates and Hours of Operation.
The Concessionaire will have the ability to phase in initial on-street parking rate increases with CPI-based or 4.5% per annum adjustments, whichever is greater, after the initial period and may adjust on-street meter hours of operation. Moreover, the potential exists to charge event parking rates at on-street meters outsideof 9:00 AM to 5:00 PM weekday business hours.
Potential Metered Parking System Expansion.
Approximately 300 on-street parking spaces included in the concession are not currently metered.
Read the Proposal for yourself:
Cincinnati Request for Proposals Parking PARKING CONCESSION
Thanks to Dan Monk of the Cincinnati Business Courier for providing us with the RFP.