The Pittsburgh Parking Authority yesterday invited consultants to send in their suggestions for leasing out garages, surface lots and street meters. The winning firm wouldn't take control of the garages but might help set up a process toward that end.
The authority is following through on Mayor Luke Ravenstahl's proposal to use the garages to raise money for the city pension fund, which contained just 29 percent of what it ideally should at the end of November. Mr. Ravenstahl estimated that a $300 million infusion -- after the payoff of the authority's $108 million debt -- could put the pension fund on the road to health.
Consulting firms will be judged on their qualifications, references, experience, staffing and proposed fees, according to the request for proposals. Firms have until March 20 to apply.
The authority wants its consultant to consider not only what the city might get for leasing its parking infrastructure, but also "the most efficient means of providing public parking."
Long-term leases of garages and meters yielded $1.7 billion for Chicago but led to rate increases.
