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Posted: February 08, 2019
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF021319 09

Agenda Item Title:

Authorize Mayor & Finance Officer to sign Agreement to Purchase Parking Technology and Related Services with IPS Group, Inc.

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
02/13/2019
City Council Hearing Date:
02/19/2019
Staff Contact:
Pauline Sumption, Finance Officer
Agenda Item Summary:
After more than a year of completing a downtown parking study, piloting three different companies’ meters and technology and multiple meetings with stakeholders, it is the recommendation of staff to proceed with the purchase of meters and related technology from IPS Group, Inc. The initial investment is $713,100. Later in the agenda is a request to use Vision Funds to call the current parking revenue bonds. If that is approved, we would make this purchase outright. If it is not approved, we would need to complete a lease purchase agreement and make annual payments for up to five years.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Later in the agenda is a request to use Vision Funds to call the current parking revenue bonds. If that is approved, we would make this purchase outright. If it is not approved, we would need to complete a lease purchase agreement and make annual payments for up to five years.

Recommendations:

Origination Recommendation Action:
Approve
Published in 2019 - LF Agenda Items

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