What Is a Parking Concession?
What Is a Parking Concession?
CampusParc and The Ohio State University
Concession Agreement
About Our Agreement
We’re proud that the university selected us to operate one of the largest campus parking systems in the country. The university opted to transition the management of its parking operations to CampusParc because it wanted an innovative way to fund its academic mission. Money from the 50-year deal will provide $3.1 billion to academic initiatives such as hiring faculty, providing student scholarships and supporting the arts and humanities.
Our Commitment
As stewards of the campus parking services, it’s our job to facilitate an easy and efficient parking experience for you and every member of the university community.
Questions and Answers
Simply stated, what is the parking concession?
The parking concession is an agreement between The Ohio State and CampusParc that regulates parking rates, operating standards, and maintenance of all parking assets. Read the concession agreement here.
How does the university benefit from the concession?
As a result of the concession, the university received a one-time, up-front payment of $483 million that is expected to provide $3.1 billion in investment earnings for academic initiatives. In the first 24 months of the concession, the initial $483 million created $242 million in interest, funding teaching, learning, research, transportation, and sustainability.
Who determines parking policies and rates?
Under the parameters of the concession agreement, the university makes decisions about parking policies, prices, rate increases. For example, university approval is required to introduce new parking permits or eliminate existing permit. The university also decides which parking facilities are built or in-use and which facilities need to be taken out of commission to support construction or other initiatives on campus.
Who is CampusParc?
CampusParc is the company created to serve the Ohio State University community and manage its parking system by the terms of the concession agreement. CampusParc was formed by QIC, an Australian company that is one of the largest institutional investment managers in the world. CampusParc is responsible for the oversight of the parking assets, including the maintenance and operation for the parking facilities.
Who is LAZ Parking?
CampusParc contracts with LAZ Parking, a professional parking operator, for the day-to-day operation of the parking system. At Ohio State, LAZ Parking works under the brand of CampusParc.
