Office of the Vice President for Global Communications

Monday, April 1, 2013

University exploring public-private partnership for parking operations

The university has retained Greenhill & Co. to complete an assessment of whether a public-private partnership (P3) arrangement for parking operations is of value for the Ann Arbor campus and U-M Health System.

A public-private partnership is a contractual agreement between a public entity such as a university or city and a private consortium to finance, operate, maintain, and manage parking facilities.

University officials emphasized that this is a preliminary study to determine if leasing parking facilities makes sense for U-M. There has been no decision to lease the parking to a third-party operator.

A number of universities around the country, including Ohio State University and Indiana University, have entered into — or are evaluating — P3 arrangements for their parking operations.

The university's Finance and Parking & Transportation Services departments are assisting by providing data and background to Greenhill for the P3 assessment.

Greenhill is a leading independent financial advisory firm that facilitates mergers and acquisitions, restructuring, and public-private partnerships.

The university anticipates that the evaluation will be complete this summer.