Indianapolis Mayor Greg Ballard last week announced a plan to build a $15 million parking garage financed in part with proceeds from the $20 million the city received by leasing its parking meters for 50 years. The city last week announced the selection of a developer and operator of the new mixed-use parking development. The lot will have 350 spaces, retail space, and a police substation.
Of the $15 million cost, the city will provide $6.35 million. The lease agreement requires that all up-front cash proceeds be used to finance infrastructure projects in three areas of the city, including downtown. The lease deal gave control of the 3,669 city-owned parking meters for 50 years to Affiliated Computer Services Inc., a Dallas-based parking technology company owned by Xerox.