Harrisburg Parking Deal Would Preserve Local Control Through CREDC And Increase City Revenue, Sources Say

Map of Pennsylvania highlighting Dauphin County (Photo credit: Wikipedia)

Control of Harrisburg‘s parking garages will remain local, and annual revenues into the city’s coffers will increase millions over current figures under the terms of the long-term lease of parking assets being negotiated by the city’s state-appointed receiver, according to multiple sources close to the deal who spoke on condition of anonymity because they aren’t authorized to speak on the record.

Leasing the assets directly to an outside for-profit operation, as had originally been planned, raised concerns within the city that parking rates could increase out-of-control to boost profits while the assets themselves could languish and degrade in the hands of a company with no long-term interest in the welfare of the city.

What’s more, according to multiple sources, the on-going financial plight of Harrisburg and fluctuations in the bond market made private bond financing less attractive to the companies originally interested in such a deal.

Although the basic structure of the parking deal has been previously reported, new details are emerging.

Read more:  http://www.pennlive.com/midstate/index.ssf/2013/08/harrisburg_parking_deal_would.html#incart_m-rpt-2