Port Authority waiting on parking lease asset inspection - Cincinnati News, FOX19-WXIX TV

Port Authority waiting on asset inspection

CINCINNATI, OH (FOX19) -

Port of Greater Cincinnati Development Authority reached out to the public once again on Thursday to discuss the controversial parking plan.

Like anyone looking to take over a property, you want to know what you're getting into and Port Authority is no different.

They're working with another company to have a third party come in and do an engineering study. The goal is to determine if the City of Cincinnati's parking garages and lots are up to par or if work is needed, which could mean less money for the city up front.

In addition to the 5,700 parking meters across the city and three parking lots, Cincinnati's lease includes management of five garages containing a total of 2,242 parking spaces.

Documents obtained by FOX19 make it clear the goal for the ParkCincy team, which will manage and operate the parking assets, is not to make existing facilities "like new" or "significantly upgrade or make cosmetic enhancements," simply to keep them in "good working order, safe, clean, and secure."

However, as with any property, there could be surprises.

The oldest city garage is a three-level structure at East 7th and Sycamore Street was built back in 1957.

Within the first few years of the lease, that garage is expected to come down along with the Red Cross building and be replaced by a new garage with nearly three times the spaces and twice the levels, plus retail space on the bottom.

There are four other city parking garages built between 1982 and 2002.

According to a letter from the Port Authority's CEO, the engineering study was a "specific area of concern" for the Port when it approved the lease back in March.

Port Authority President Laura Brunner states the updated information that comes out of the study could "impact the amount of the upfront payment" to the city.

AEW Capital Management is handling the bid process. The Port Authority says they haven't heard who AEW plans to hire. The bids were due July 2.

The Port is more than half way through their 75-day window to finalize the lease, which means they'll need to move quick with their partners to finish up the study. 

Copyright 2013 WXIX. All rights reserved.

Powered by Frankly