Achieving long-term goals
Next Parking Solution’s P3 enterprise creates Private Public Partnerships with municipalities, universities and other institutions. Drawing on our parking, retail and development experience, Next Parking Solutions offers a wide variety of options to offset construction and maintenance costs and satisfy other critical needs with accompanying, complementary uses. Parking resources offer a clear opportunity in the face of financial pressures.
Next Parking helps municipalities and public institutions assess their parking inventories and offer innovative solutions and access to private capital through Public-Private Partnerships.
- Next Parking can asset manage existing parking facilities through long-term leases, become partners and develop new parking assets, or provide advisory services in this arena.
- Next Parking PPP professionals have over 15 years of experience in structuring Public-Private Partnerships.
- In addition to industry knowledge, Next Parking can help achieve long-term goals by providing capital to Public-Private Partnerships.
A Public-Private Partnership (“PPP”) is a contractual agreement formed between a public agency and private sector entity that allows for greater private sector participation in the delivery of capital projects and/or management of existing assets.
The primary reasons for public agencies to enter into Public-Private Partnerships are:
- Access to private capital for new development and to monetize existing assets
- Development and management expertise
- Faster project delivery
- Repay existing debt
Parking needs for municipalities and other institutional users are rising while tax and tuition revenues are either stagnant or will see dramatic reduction in the near future. Through a PPP, the private sector can:
- Be creative in funding and financing capital projects;
- Provide equity for necessary capital projects and conserve bonding power for other capital needs;
- Provide significant experience in developing and managing parking assets, which will lead to cost savings;
- Accelerate the delivery of high priority projects;
- Structure off balance sheet projects;
- Substitute private resources and personnel for constrained public resources; and
- Implement innovative technologies and management techniques.
Next Parking Solutions evaluates existing structures, technology and methods and creates a master plan that adds value without adversely affecting services. We analyze revenue streams and identify inefficiencies, then propose specific solutions.
Next Parking understands the unique challenges involved when collaborating with municipalities, universities and hospitals. We identify solutions and execute strategies to attain long-term parking goals with sensitivity to community needs and concerns.