Parking rates to rise

BY DI STAFF | MARCH 24, 2011 7:20 AM

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The state Board of Regents voted unanimously to approve increases in parking rates set by University of Iowa officials at its meeting Wednesday.

The new rates will be in effect from fiscal 2012 to fiscal 2016.

Under the new rates, student storage parking will increase $18 annually while physician permits will increase the most — $120 per year.

UI parking rates have not increased since fiscal 2009 because 2011 marked the last year of a four-year set rate increase.

Doug True, the UI senior vice president for Finance, said officials brought a multiyear agreement to the regents but are only asking for approval for the first year.

The UI Committee on Parking and Transportation projects the rate increases will help fund parking expansion and renovation, the UI Children’s Hospital project, and an increase in Cambus services.

The UI projects the rate increases will raise revenue to the university by an average of $2.8 million annually.

Outstanding debt on the parking system totaled more than $20.6 million as of July 1, 2010.

— by Ariana Witt

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