Cincinnati Parking Concession to be Leased
The City of Cincinnati, for budget reasons, has has voted to enter into a lease for the City’s parking rights. The lease would net the City $92,000,000 up front and $3,000,000 a year for 50 years. Parking rates will surely rise. A Judge has issued an order preventing the lease from being signed while petitions are circulated to put the issue up for a vote. Should every Council decision be put on a ballot, or does Council deserve some deference in its decisions?
How far should public/private partnerships go? Has Cincinnati set a precedent for other communities to follow? Will “city” governments eventually lease themselves out of business?