IU Hires Goldman Sachs To Evaluate Parking Privatization

Indiana University officials say they want Goldman Sachs to tell them whether privatizing parking would help the university's bottom line.

parking lot

Photo: WFIU/WTIU

A parking lot near Indiana Memorial Union

Indiana University officials have hired investment banking firm Goldman Sachs to analyze its parking operations and determine if it makes economic sense to find a private vendor to run them.

IU Chief Financial Officer Neil Theobald says the university has been looking into outsourcing parking operations since early this year.

“They will begin a very extensive due diligence process where they are going to come in and take a hard look at our parking facilities and all the issues surrounding Bloomington and Indianapolis, so they’ll go over some of the ground we’ve gone over internally with a fresh set of eyes,” he says.

He says Goldman Sachs rose to the top of their list due to their experience with similar ventures such as the Chicago Skyway and Indiana Toll Road lease projects.

Goldman Sachs is based in New York City and could not be reached for comment because the firm’s offices are closed in the wake of Hurricane Sandy. IU officials hope to have the study complete within the next six months.

Joe Hren

Anchor, Indiana Newsdesk - WTIU & WFIU News. Follow him on Twitter @Joe_Hren

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  • q

    Don’t you think it would be worth reporting on how much IU is paying Goldman Sachs for this assessment?

  • http://www.facebook.com/bob.eckert.50 Bob Eckert

    Are seerrrrrrrioussssss? The firm that was at the vortex (with many others) of the Wall Street debacle!!!!!!! What are you thinking IU? Why can’t you use an Indiana-based firm to evaluate this decision, at least our taxpayer money would be kept in the state? I guess this is the best evidence we have (now that Dan Smith of the SOB) is head of the IU Foundation) that IU is being moved towards a business model. I would imagine the retirement of McRobbie will precede the final nail in the coffin.

  • Ed Vasquez

    http://www.ipetitions.com/petition/no2outsourcing/

    Please sign the petition against this unpopular move at IU. We must have a mass outcry against privatization.

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