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Last updated on Friday, November 2, 2012
(BLOOMINGTON) - IU has retained investment banking firm Goldman Sachs to assess potential financial gains as the Board of Trustees weighs the option of leasing University parking operations in exchange for an up-front, lump sum payment, according to a press release issued Wednesday.
Mark Land, University Associate Vice President For Public Affairs and Government Relations says no decision has been made as to whether the University will adopt the leasing option.
Goldman Sachs' analysis will allow the University to decide if potential gains justify the lease of parking operations.
If the University decides to move forward with the privatization after the analysis, the firm will assist IU in soliciting and evaluating proposals from potential concessionaires, the outside companies who would bid to be the leaseholders of IU's parking resources.
The University is expected to work with Goldman Sachs on the matter for six to nine months.
It is currently unknown how much the University will pay Goldman Sachs for its advising services, Land said, and the dollar amount will likely remain unknown until the conclusion of the project.
Land says, once the University received the firms' responses, it was required to answer questions specific to the proposed project.
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