Sunday, March 30, 2014
Bloomington's Parking Meters Net $1 Million In Six-Month Period
netted the City $1 million. Bloomington parking meter rates are $1 an hour compared to $1.50 an hour in downtown Indianapolis and Broad Ripple. If that rate of revenue generation persists, Bloomington will net about $2 million annually. If Indianapolis had simply installed its own electronic meters and not entered into the 50-year lease of the parking meter assets with ParkIndy, the City would be generating more than $6 million annually. The amount of revenues the City will give away to the private vendor over the life of the 50-year lease is staggering, but it's making a lot of money for the pay-to-play vendors and that's all that seems to matter with this administration.