The Parking Lease Agreement

The Parking Lease Agreement

The Parking Lease Agreement

CampusParc has the exclusive right to operate Ohio State’s parking system and provide parking services for 50 years, beginning in 2012. In return, the university received an upfront payment of $483 million. The university opted to transition the management of its parking operations to CampusParc as an innovative way to fund its academic mission. Money from the agreement will provide $3.1 billion to academic initiatives such as hiring faculty, providing student scholarships, and supporting the arts and humanities over the life of the lease.

 

FAQs

 

What is the parking concession?

The parking concession is an agreement between The Ohio State and CampusParc that regulates parking rates, operating standards, and maintenance of all parking assets. Read the concession agreement here.

 

How does the university benefit from the concession?

As a result of the concession, the university received a one-time, up-front payment of $483 million that is expected to provide $3.1 billion in investment earnings for academic initiatives.

 

What is CampusParc?

CampusParc is the company created to serve The Ohio State University community and manage its parking system by the terms of the concession agreement. CampusParc was formed by QIC, an Australian company that is one of the largest institutional investment managers in the world. CampusParc is responsible for the oversight of the parking assets, including the maintenance and operation for the parking facilities.

 

What is CPMI?

CPMI—CampusParc Management Inc.—is the company that oversees and ensures the fulfillment of the Parking Lease Agreement with Ohio State.

 

What is LAZ Parking?

CampusParc contracts with LAZ Parking, a professional parking operator, for the day-to-day operation of the parking system. At Ohio State, LAZ Parking works under the brand of CampusParc.

 

What are CampusParc’s responsibilities?

  • Enforcement
  • Event management
  • Technology innovation
  • Parking facility/surface lot maintenance
  • Hold operational, capital, and demand risk

 

What are the university’s rights/responsibilities?

 

What is the “parking system”?

  • Just over 35,000 parking spaces comprise the Ohio State parking system, in 16 garages and 196 surface lots.
  • The system is governed by a permit system, approved by the university (and in place prior to the lease). Faculty and administrative staff qualify for “A” permits; Classified Civil Service staff qualify for the “B” permit; students qualify for “C” permits; and guests/visitors/contractors qualify for Other permits.

 

How are parking fees determined?

The fees—for permits and hourly rates—and annual escalation were determined by the university and CampusParc at the time of the agreement. The annual increase is determined by the GNP.

 

Who is responsible for capital improvements?

CampusParc is responsible. We annually submit to the university a Capital Asset Management Plan that sets out capital improvements required for the coming ten years in accordance with the Parking Lease Agreement.