In order to help the City improve its finances, the City of Harrisburg elected to lease the downtown parking assets of The Harrisburg Parking Authority (HPA) for up to 50 years. The HPA operated ten off-street parking structures and five parking lots (approximately 9,119 spaces) and 1,260 metered spaces in the core area of the City. Walker was engaged by the primary investor in the lease, Dauphin County and its financial advisor Susquehanna Group Advisors, Inc., to assist in the analysis of the potential public/private partnership. Standard Parking was selected to operate the parking system.
Walker completed the following tasks: (1) Analyzed revenues and expenses of parking assets and developed a financial model designed to project net operating income over proposed 50 -year period; (2) All facilities were consolidated into one composite financial model that included salaries and benefits, uniforms, utilities, telephone, insurance, supplies, repairs and maintenance, elevator maintenance, equipment expense, data processing, snow removal/sweeping, license and permits, and other expenses, and trended for growth and inflation; (3) Completed a 50-Year Physical Evaluation and Condition Review of the identified parking facilities to provide basis for estimates of structural capital expenditures for repairs and replacements; and (4) Model projected changes in staffing, operating procedures, and capital expenditures for PARCS equipment, pay-on-foot smart-meters, and enforcement