SP Plus upgrades parking services on University of Akron Campus

SP+ Corporation announced an agreement to operate, manage, and maintain the University of Akron’s parking system at the main campus in Akron, Ohio. The University of Akron has entered into a 35-year parking monetization, structured as a tax-exempt bond transaction, with a team led by Diogenes Capital, SP+, and KeyBanc Capital Markets. This agreement, with UAkronPark, as Concessionaire, has generated a significant up-front payment of $55 million for the University and will continue to provide ongoing revenue of approximately $75 million over the term, allowing the institution to focus on its core mission of educating students. Investment in campus parking facilities, operations, and technology will provide an improved overall customer experience.