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IU Hires Goldman Sachs To Evaluate Parking Privatization

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.

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