PT BLOG
JVH comments on Parking News every day at PT Blog – log on at
www.parkingtoday.com. Each month, there are at least 40 other comments like these, posted daily.
If you go to the online edition of November 2010
Parking Today, you will find all the “hot links” below. And even more current comments by PT Edi- tor JVH.
Pittsburgh Gets More Than It Expected (Posted Sept. 21) The final bid for the 50-year lease of parking operations for
Pittsburgh came in substantially higher than the mayor had
expected.Mayor Luke Ravenstahl had hoped for $330 million to cover the shortfall in the city’s pension fund, plus pay off the parking system’s debts. The bid came in at $452 million. Of course, the immediate question for the city is how to spend the extra $110 million. The surviving bidders, LAZ Parking and EQT Partners, a
Swedish private equity firm, were within 10% of each other last week, and were asked for a best and final offer. It was reported that they were nearly $80 million higher than the third bidder, Carlyle Infrastructure
Group.The best and final came in $40 mil- lion more than LAZ’s original bid. Of course, this now needs to be approved by the City Coun- cil, and unlike in Chicago, a number of council members are not
excited about the
deal.The mayor may have to solve a few politi- cal issues to get the contract closed. Iwish all the best to JP Morgan and LAZ. However, Istill
wonder at the wisdom of long-term leasing of city assets to pay off mistakes made in the past. All of Chicago’s money is gone after less than a year, and most of Pittsburgh’s is spoken for.
Readers Respond re: Pittsburgh (Posted Sept. 22) Ihad two extremely cogent comments tomy post above about
the pending Pittsburgh deal. First, from a reader in San Francisco: I do agree that selling off public assets is not a smart
approach. In Pittsburgh’s case, I believe they followed a much better process, higher scrutiny than Chicago, and far better com- munity and elected official outreach. Whether itwas a good deci- sion for them or not should be left to the mayor and the City Council since they represent their citizens. One good outcome of Chicago’s debacle is that other cities learned a lot from every- thing that did not work (there), and (they) are now undertaking a different approach than theWindy City did. And, second, from“Nostradamus”:
Continued on Page 56
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www.valetparkingservice.com 54 NOVEMBER 2010 • PARKING TODAY •
www.parkingtoday.com
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