A well-managed municipal on-street parking program provides an important public service and represents a valuable revenue source. And with cities seeking ways to reduce operating expenses and find innovative ways to optimize resources, an “outsourced” managed services model can maximize the value of a city's on-street parking program and allow the city to retain policy control.
A growing number of cities are looking to unlock the value of their on-street parking assets by partnering with the private sector. Some of the advantages of this approach include:
Positive Financial Outcome
- Significant up-front payments that can be used by the city to advance projects, services and/or budget shortfalls
- Financial outcome is tailored to the city's vision for the future and its economic needs
- Duncan will bring new technology and innovation to bear over the entire term of partnership and use best practice management systems (dynamic integrated online management)
- Provision of services to pre-defined performance levels
- Improve motorist satisfaction
- Duncan will absorb some important risks including potential fluctuations in revenue; maintenance and other operations; system performance in this partnership, transferring these risks away from the city and its constituents
- Depending on the preferred structure and subject to due diligence, Duncan would assume a number of on-street parking risks currently borne by the city: operational, technical, cost, occupancy, compliance, market and completion/installation
Policy Control is Retained by the City
- The rights and obligations of each party would be agreed upfront in the agreement
- Through the agreement, parking, traffic and regulatory settings control would be retained by the city
- Duncan will work with City to design an optimal transition plan and incorporate existing third party service providers
Duncan provides parking management services under a financial or contractual structure that suits each City’s objectives and requirements and will work with clients to determine a contractual and operational model which maximizes net revenues while supporting the policy and strategic objectives of each client.
Contact us for more information.