BLOOMINGTON (AP) — Indiana University officials are putting on hold consideration of a plan to seek a multimillion-dollar payout by turning over parking facilities on the Bloomington and Indianapolis campuses to a private operator.
A top university executive told the school's Board of Trustees on Thursday that the revenue from the privatization wasn't compelling enough to lose control of the parking facilities.
The Herald-Times reports chief financial officer MaryFrances McCourt said a 50-year lease involving the two campuses would probably bring in about $275 million. That's far less than the $483 million deal that Ohio State University got last year.
Trustee Randall Tobias says it is imperative for IU officials to come up with a business plan for maximizing parking revenue before saying outsourcing isn't an option to consider.
Information from: The Herald Times, http://www.heraldtimesonline.com