CINCINNATI, OH (FOX19) - The Port of Greater Cincinnati Development Authority officially endorsed the privatized parking deal with the City of Cincinnati on Friday.
Under the deal, Port Authority will oversee the management of both parking meters for the next 30 years and city-owned parking lots and garages for up to 50 years.
In exchange, Cincinnati will receive a lump sum payment of $92 million, plus $3 million annually for leasing out its meters and garages.
"You can use a different operator. You can use a different bank. A different underwriter. The city can borrow money in other ways. But this plan is a very good one. And accomplishes many goals that otherwise, would not be attainable," said Tom Williams, a Port Authority board member.
Port Authority has recommended that hours of meter enforcement in Cincinnati neighborhoods, outside of downtown and Over-the-Rhine, remain until 6 p.m.
In our commitment to balanced news, opponents have said repeatedly during this process that they believe the plan will mean higher parking meter rates which will hurt neighborhood businesses.