TOLEDO, Ohio — A new nonprofit is taking over parking at the University of Toledo starting this fall.
The Port Authority voted to set up an entity called ParkUToledo during a special meeting Tuesday afternoon.
A national parking company - SP+ Corporation, based out of Chicago - will handle the day-to-day operations.
Student parking fees will increase by about $8 to $258, while UT employees will pay $207, up from $165. That will help pay for paving and updates, and to have two older parking garages torn down and replaced with surface lots.
The Port Authority will play an administrative role in the ParkUToledo project, overseeing its five-member board, and Port Authority representatives said it will be a "great economic development project" for everyone.
The university is set to spend $9 million to tear down the East Ramp and West Ramp Parking Garages this summer and for paving, striping, resurfacing and repairs over the next several years.
The university has begun to prepare for the demolition, which will affect nearby parking on campus during the summer months. Parking Area 2 next to the East Ramp will be closed during demolition and the southern aisle of parking spots in Area 13 closest to the West Ramp will be unavailable during demolition. West Rocket Drive also will be closed during the demolition with the Area 13 parking lot accessible only off the Campus Road entrance to Main Campus.
The Port Authority previously approved $85 million in new debt bonds to be invested as part of the parking plan, set to span 35 years.
According to the university, under the new ParkUToledo plan, UToledo will "receive an upfront payment to be invested in strategic initiatives and receive residual income over the life of the contract, and SP+ is taking over day-to-day parking operations and assumes responsibility for capital expenditures for the parking assets, including paving and striping."
