SP Plus Corporation Upgrades Parking Services on the University of Akron Campus
December 12 2023 - 8:30AM
SP+® Corporation (SP+), (Nasdaq: SP) a best-in-class technology and
operations management provider of mobility services for aviation,
commercial, hospitality, and institutional clients throughout North
America and Europe, today announced an agreement to operate,
manage, and maintain the University of Akron’s parking system at
the main campus in Akron, Ohio.
The University of Akron has entered into a 35-year parking
monetization, structured as a tax-exempt bond transaction, with a
team led by Diogenes Capital, SP+, and KeyBanc Capital Markets.
This agreement, with UAkronPark, Inc. as Concessionaire, has
generated a significant up-front payment of $55 million for the
University and will continue to provide ongoing revenue of
approximately $75 million over the term, allowing the institution
to focus on its core mission of educating students. Investment in
campus parking facilities, operations, and technology will provide
an improved overall customer experience.
“As the Project Sponsor and Asset Manager under this Concession
Agreement we are delighted to be partnering again with SP+ and are
confident in their ability to exceed the performance standards and
customer experience expectations of the University,” said David
Teed, Managing Partner of Diogenes Capital.
Upgrades to the on-campus system will include, but is not
limited to:
- Investment of approximately $11 million over the first five
years of the concession to address deferred maintenance and enhance
parking system infrastructure.
- Utilization of Sphere technology to enable parkers to pay by
phone. QR codes will be available for the campus community to scan
and pay either online or via text, essentially converting almost
any parking spot into a metered parking space. The process will be
touchless, quick and easy with no need to find a pay station, stand
in line, touch equipment, or interact with personnel.
- Funding for long-term maintenance of more than $61 million over
the term of the agreement.
- Utilization of new and more reliable parking shuttles for
expanded service hours and less wait time. The campus shuttle will
continue to offer free services to students, faculty, and
staff.
- Improved customer service experience and response time from an
experienced, professional third-party operator with resources to
expand personnel.
Additionally, UAkronPark will directly and indirectly give back
to the campus community throughout the lifetime of the concession.
This includes, investing in campus projects, offering scholarships
to UA students and actively participating in and sponsoring campus
events.
“We are proud to be selected by the University of Akron as their
new parking services provider, and look forward to serving the
campus community for many years to come,” said Tom Hagerman, Senior
Vice President, SP+ Corporation. “Parking represents the first and
last opportunity to make an impression, and we’re excited to
elevate the experience for students, faculty, staff, and visitors
to campus.”
Brett Munkel, Vice President of University Services, SP+
Corporation, said “Our engagement with the University of Akron and
Diogenes Capital provides both immediate and long-term value to
University students, faculty, staff, and guests. All campus
stakeholders will benefit from the investment in people,
technology, systems, and facilities which together provide a
comprehensive improvement to the quality of services
delivered.”
About SP+
SP+ (www.spplus.com) develops and integrates industry-leading
technology with best-in-class operations management and support to
deliver mobility solutions that enable the efficient and
time-sensitive movement of people, vehicles, and personal travel
belongings. With over 20,000 team members located throughout North
America and Europe, SP+ is committed to providing solutions that
make every moment matter for a world on the go.
CONTACT:
William RongeySP+Director of Corporate
Communications312-274-2102
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