Concession 101

A concession agreement is a negotiated contract between a private company (in this case, CampusParc) and a governmental entity (in this case, The Ohio State University). The contract allows the private company the right to operate a specific business (in this case, the parking system) within the government entity’s jurisdiction, subject to specific terms and conditions, for a specified period of time (in this case, 50 years). 

A concession agreement between Ohio State and CampusParc regulates parking rates, operating standards, and maintenance of all parking assets.

CampusParc provides a Customer Service Center to respond to customer needs. They can be contacted by phone (614.688.0000), by email (osuinfo@campusparc.com), or in person at 1560 North High Street in the Gateway Plaza.

The Ohio State University defined the details in the concession agreement, and any deviation from that agreement requires approval from both the university and CampusParc. For example, new parking permits cannot be introduced or existing permits eliminated without university approval; approval of who can get what type of parking permit is set by the university; and rate changes beyond those outlined in the concession agreement cannot be introduced without university approval. Exceptions to the rules cannot be made without university approval. 

CampusParc has a 50-year lease with The Ohio State University to operate the university’s parking assets (such as garages and surface lots). These assets remain university property, but the right to operate the system and the responsibility for maintaining the system is transferred to CampusParc. 

CampusParc was formed by QIC for the purpose of investing in and managing parking concessions. QIC, based in Australia and created by the Queensland government, invests on behalf of its managed funds and clients, and is one of the largest institutional investment managers in the world. CampusParc is the concessionaire of The Ohio State University parking system.

CampusParc is the concessionaire and is responsible for the oversight of the parking assets, including the maintenance and operation for the parking facilities. CampusParc has contracted 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. 

Both parking permit and transient daily rate annual increases are defined by theconcession agreement for the life of the lease.