10.10.12

Harrisburg Receiver Announces the Last Parking System Bidder Standing

This morning during the Municipal Advisory Financial Recovery meeting, the Harrisburg Receiver, William Lynch, announced the group that The City of Harrisburg will negotiate with to lease the City’s parking system, which includes 10 parking garages, 5 surface lots, and 1,250 metered spaces.

As recommended to the Receiver by the parking asset Screen & Evaluation Team, the City will enter into exclusive negotiations with Harrisburg First, LLC, a venture of Guggenheim Partners.

Details of the proposal were not presented, nor was a timeline of closure. “I try not to set expectations like that because all of this seems to take far more time than it should and every time you turn over a rock there is something else to deal with.”

Before any finalization of asset monetization, the Receiver must get the approval of Commonwealth Court.

As released from the Office of the Receiver of the City of Harrisburg:

“The screening and evaluation team in consultation with the receiver and his advisors have made a determination on who to continue negotiations with regarding parking assets. Harrisburg First has been selected as the finalist. Harrisburg First is a group led by Guggenheim Securities and includes Standard Parking and AEW. Standard Parking is an experienced parking operation that operates nationally in more than 300 cities. AEW is an experienced real estate asset manager with parking assets in its portfolio. Guggenheim Securities is a unit of Guggenheim Partners, which is a privately held global financial services firm with more than $160 billion in assets under management.

This is one more positive step in implementing the recovery plan and we look forward to continuing to negotiate with Harrisburg First.”