VINCI Park, via LAZ Parking becomes on-street parking operator in Chicago 18 December 2008

Rueil-Malmaison, 18 December 2008 Press release VINCI Park, via LAZ Parking becomes on-street parking operator in Chicago The City of Chicago announced on 2 December 2008 that it has awarded a 75-year concession contract for 36,000 on-street pay parking spaces to an investor group headed by Morgan Stanley Infrastructure. Under the terms of the concession […]

Rueil-Malmaison, 18 December 2008

Press release

VINCI Park, via LAZ Parking becomes on-street parking operator in Chicago

The City of Chicago announced on 2 December 2008 that it has awarded a 75-year concession contract for 36,000 on-street pay parking spaces to an investor group headed by Morgan Stanley Infrastructure. Under the terms of the concession contract, the largest of its kind in the United States, the investor group has awarded to LAZ Parking, a VINCI Park subsidiary, exclusive management of the contract for a period of seven years.

The role of LAZ Parking, which will not be making any capital investment, will be to provide technical maintenance of the parking meters, on-ground signage, revenue collection and application of parking fines. LAZ Parking is also charged with improving payment collection methods for the investor group’s benefit. Over the next two years, LAZ Parking will gradually replace the standard parking meters with equipment that will accept innovative new payment methods using cards and mobile phones.

LAZ Parking already manages 9,200 spaces at four city-centre parking facilities under Millennium Park in Chicago on behalf of Morgan Stanley Infrastructure. In addition to winning the new contract LAZ Parking’ Millennium Park contract is being extended by seven years.

LAZ Parking, which has been 50% owned by VINCI Park since 2007, currently manages more than 800 parking facilities and 300,000 parking spaces in 88 towns and cities in 18 states throughout United States.

Press contact: Vanessa Lattès
Tel.: +33 (0)1 47 16 31 82
E-mail: vanessa.lattes@vinci.com