New York News
New York City considers privatizing parking meters
NEW YORK -- New York City is considering privatizing its parking meters and is seeking statements from interested companies that can put up at least $100 million in cash or credit as collateral.
The Department of Transportation on Monday formally requested Statements of Qualification from companies interested in operating the meters regulating the city's 80,800 on-street parking spaces. Statements are due July 31.
Under any agreement the city would keep control of meter rates and enforcement of violations, said Julie Wood, a spokeswoman for the mayor's office.
"We're seeking private-sector expertise on innovative ways to enhance the efficiency and quality of parking services provided by the city," Wood said in a statement. "At the same time, we are taking a careful and deliberate approach to avoid mistakes others have made."
To be considered, companies will have to have experience running at least 20,000 on-street parking spaces and at least 100,000 spaces overall. They must be able to put up $100 million in collateral - enough money to guarantee a year's revenue.
Based on the responses, the city will decide whether to move forward with the project, which has been under consideration for some time. Last July, officials selected a financial adviser for the project
Get Eyewitness News Delivered
new york city, new york news
- Robbery suspect dead in Brooklyn police shooting 58 min ago
- AccuWeather Forecast: Comfortable
- Live: Eyewitness News on 7online streamed live!
- WATCH ABC is available to Channel 7 viewers
- Worker pulled from waist-deep mud in Queens trench 47 min ago
- One of US FBI's 10 most wanted nabbed in Mexico 36 min ago
- NSA director says plot against Wall Street foiled 26 min ago
- Natura recalls all brands of dry pet food 15 min ago
- House passes far-reaching anti-abortion bill 30 min ago
- New York City redesigns flood map in Sandy's wake 41 min ago
- Woman allegedly kicks police dog in teeth
- Box cutter found on Tokyo flight to NYC
- Photos: FDNY works to rescue man trapped in trench
- Photos: Most Wanted: Nassau County
- Worker pulled from waist-deep mud in Queens...
47 min ago