About the Parking Concession
An agreement was entered into with Ohio State in June 2012 that provided CampusParc the right to operate the university’s parking system for 50 years. This agreement is commonly referred to as a concession agreement.
The university was paid $483 million up front for the parking lease. Over the 50-year life of the lease, income from the payment is expected to generate $3.1 billion to support university academic initiatives, such as hiring faculty, providing more student scholarships, and supporting the arts and humanities.
Ohio State’s parking assets include 16 garages and 196 surface lots, comprising approximately 36,600 spaces (which varies from time to time due to ADA requirements and campus construction).
The university retains the rights to all final decisions related to parking policy, including permit eligibility, rates, and parking additions and reductions. Our role is to operate the parking system and maintain all parking assets, including equipment, parking lots, and garages, to a specified minimum standard defined by the university.