Faculty at Ohio State University last week voted against the administration’s plan to privatize its parking system.
The faculty council voted 22-14 against the measure, according to local reports. Speakers at a public meeting said they were opposed to privatization in general, and also feared higher parking fees.
Officials are in the midst of interviewing seven firms that responded to its request for proposals and hope to select a final partner and close the deal by late May. OSU hopes to raise at least $375 million in up-front cash by leasing its parking system for 50 years. The system generates $30 million annually.
As part of the deal, OSU would defease $80 million of outstanding bonds backed by parking payments. Morgan Stanley, Jones Day and Desman Associates are advising the university on the privatization plan.