Indianapolis rakes in $2.5M in parking meter revenue in 2012
The City of Indianapolis took in over $2.5 million from parking meters in 2012.
That's a $1 million increase from 2011 and about $2 million from 2010, when the city agreed to a 50-year lease with ACS, a private company which runs and maintains the parking meter system.@
Parking rates doubled in early 2012 to $1.50 per hour downtown and Broad Ripple, and $1 per hour in the near-downtown and all other metered areas.
In exchange for a share of the revenue, ParkIndy provided $20 million up front to the city, plus a share of total revenue every year for the length of the contract. According to state law and local ordinance, the city can only use parking meter revenue for improvements in or near the parking meter areas.
As part of the agreement ParkIndy will update meter technology every ten years, and will maintain all metered parking, oversee payment collection, and manage parking enforcement.
Mayor Greg Ballard pointed to the numbers as proof of the system's success.
"Our city gains more revenue to fund much needed improvements and building projects in metered parking areas and motorists benefit from new technology that makes it easier to pay and easier to park in our city," he said.
Net Revenue to City
Other 2012 notes:
· 60 percent of meter payments were made by credit card (prior to 2011 meters did not accept credit cards).
· 5 percent of total transactions were made via pay-by-phone/smart phone application.
The new meters are solar powered, and many include bicycle rings for cyclists to park. Pay boxes and double space poles have reduced the total number of meter devices around Indianapolis, and wireless connectivity makes damaged or faulty meters easier to identify and faster to repair.