Published : Monday, March 25, 2019 | 5:20 AM
The City Council of Pasadena is expected to act Monday on a recommendation from its Finance Committee to authorize the financing of a new Parking Access and Revenue Control System (PARCS) system to be installed in eight of nine City-owned parking garages.
Last December, the City Council approved a contract with Columbus, Ohio-based TIBA Parking Inc. for putting in place a new PARCS at the City parking garages.
The resolution that’s up for discussion Monday will authorize the execution and delivery of a lease schedule, an escrow agreement and related instruments; and declare the City’s intention to reimburse itself from the proceeds of tax-exempt financing for expenditures needed to acquire, construct and equip the system, according to an Agenda Report prepared by the City’s Department of Finance.
The total contract cost is $4,117,000 as approved in December.
At that time, the City Council also approved the appropriation of $3,258,694 from the City’s Fund 407 OffStreet Parking Facilities unappropriated fund balance for the capital purchase, and $858,406 from future Fund 407 Off-Street Parking Facilities annual operating budgets for future maintenance costs.
Once the recommended resolution is adopted, it will put in place a lease purchase financing agreement for the PARCS. The $3,258,594 purchase price will be paid in four installments with the first payment expected on April 30.
The Finance Department said the plan is to close the financing on April 1, and make all the required installments payments from the financing proceeds which will be deposited into an escrow account.
Under the plan, PARCS will be installed to replace the current system in used at the eight City-owned garages that have “far exceeded its useful life,” according to the report. The garages include those at Holly, Schoolhouse, DeLacey and Marriott, with PARCS installed back in 2005; at Paseo Subterranean, Los Robles and Marengo that were installed in 2000; and at Del Mar installed in 2006.
PARCS, a real-time computerized parking system for transient and monthly customers, allows the City to control access and collect parking revenues at the City’s garages located in the Civic Center and Old Pasadena.
The Agenda Report also showed the City has chosen to obtain financing from JP Morgan/Chase Bank, which offered the lowest bid in terms of interest rates out of four bidders that responded to a solicitation for lenders for lease purchase financing issued by the Department of Finance in February.