Pool of Parking Bidders Could Shrink

Pool of Parking Bidders Could Shrink

By this past Friday parties interested in the proposal to lease parking garages, lots, and meters had to submit a response to an RFQ. Today’s news accounts show that eleven bids were received. The Mayor is very pleased, according to his spokeswoman with "not only by the number of responses, but, as you will see soon, the amount of expertise we’ve seen in the bidders."

Since the city on the cutting edge of leases and public-private partnerships of late has been Chicago, it is instructive to look at their level of response to a bid for a concession on parking meters. In a 2009 Reason Foundation piece, the CFO for the City of Chicago described the meter bid as such:

  • In March of 2008 the City received qualifications statements from ten bidders
  • Of those ten, six were deemed qualified and offered an opportunity to bid on the concession package
  • Two placed bids
  • One bidder, who submitted the highest responsible bid, was selected

The City of Chicago eventually netted $1.157 billion for the meters.

So while nearly a dozen bidders are showing their interest in Pittsburgh’s garages, if Chicago’s experience is any guide Pittsburgh won’t be choosing between eleven bids this coming November.