Cincinnati would get less than half of parking deal's total value

Thanks for the great ripoff, city council!

New documents released by City Hall reveal Cincinnati may be leasing its parking system for less than half its market value over the next 30 to 50 years.

And exactly how much the city will get from outsourcing the parking system depends on whom you ask.

In today’s dollars, the lease of city-owned parking meters, lots and garages to the Port Authority is estimated to have a value of $475 million.

Meg Olberding, citing a New York-based financial consultant hired by the city to study the issue, said the city would get $197.4 million – or 41 percent of its current market value.

The city’s economic development director puts that number at $113 million – or just 24 percent of its current value.
City Council contentiously approved the lease deal by a 5-4 vote earlier this month, just 15 days after it was first proposed.

Proponents have said the move will generate millions in much needed revenue for the city and help spur further development.

Opponents have argued that locking the city into a long-term commitment is bad business and that the city is making a quick decision without fully evaluating its financial implications.

The lease is currently on hold until a judge rules on a citizen lawsuit asking that the issue be put to voters to decide.

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