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Ohio State Says Highest Bid For Privatized Parking Is $483 Million

An Ohio State University official says the top bid for a privatized parking proposal is $483 million. Executive Vice President Joseph Alutto says the bidder would cap any parking rate increase to 5.5 percent for the next ten years. Provost Joseph Alutto says acceptance of the $483 million bid would accomplish two things: it would strengthen Ohio State academics and it would protect employees and students from exorbitant parking fees. “We could be sure that the university has the resources it needs to invest in our academic core but at the same time protect our employees and students from any run-away increases in the parking rate,â€? Alutto says. Alutto says several informational sessions about the parking plan will be held next week. He says a final decision whether to pursue the proposal would come at the end of next week. Alutto indicated that the economic uncertainty in the short term mandates that the university cultivate additional sources of revenue. “This is only one of a number of activities that we are undertaking to position the university more effectively and that includes looking at a host of cost saving measures, as well as additional revenue streams,â€? Alutto says. Should the proposal go forward, the board of trustees would make the final decision at its June meeting.