NEW YORK—The Department of Transportation (DOT) is seeking businesses to compete for the private ownership of the city’s parking system.
The DOT’s Request for Qualifications (RFQ) was released Monday, asking competitors to submit their financial statements and a business plan to the city. The chosen business must be able to pay a minimum of $100 million as collateral, in order to secure the annual parking revenue.
If a business is selected, it will own 89,500 parking spaces throughout the five boroughs. The New York On-Street System is twice as large as the next-largest U.S. municipal on-street metered parking system in Los Angeles.
The deadline for the RFQ is July 31, but it is merely one step in determining the Pre-Qualified List, from which the competing businesses will be selected.
Whether a winner is selected or not, the city will continue to control the meter rates and enforcement of violations.
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