Regents OK parking-rate hikes

BY DI STAFF | APRIL 28, 2011 7:20 AM

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The state Board of Regents approved new parking rates for its three state institutions at a meeting Wednesday in Ames.

Among the new rates at the University of Iowa was an increase in the student storage parking — up $18 annually — and physician permits stand to increase the most — $120 each year.

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

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.

Nearly 60 percent of the additional revenue will be used for these projects.

The UI projects the rate increases will raise revenue to the university by an average of $2.8 million annually. The outstanding debt on the UI parking system totaled more than $20.6 million as of July 1, 2010.

— by Ariana Witt

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