Region: North America
Country: United States
Sectors: Transportation
Keywords: Legal Framework
DocumentLink(s):
- Ohio State University concession and lease for university car parking
- Related Documents
- Summary of Long-Term Lease and Concession Agreement
Document Details:
Long term lease and concession agreement for car park in Ohio State University of existing car parking system (including financing of some specific capital improvements)
US style agreement which is quite lengthy and detailed (128 pages long) but well drafted and clear
Date 2012
50 year lease and concession
ConcessionOperator to use, operate, manage and rehabilitate an existing parking system against consideration of a lump sum payment and granted an exclusive right to do so. Operator to perform in accordance with permits and applicable law and operating standards specified in the Agreement + implementation of certain specified capital improvements
Assignment of the existing contracts to operator
Additional ParkingThe University shall construct approximately One Thousand Four Hundred (1,400) surface Parking Spaces (the “Parking Spaces Addition”) within the Competing Parking Area. Upon completion, the Parking Spaces Addition shall be deemed to be Parking Facilities for purposes of this Agreement and shall be included in the Parking System to be operated by the Concessionaire under the terms of this Agreement
Enforcement The Concessionaire (through the Enforcement Operator) and the University’s designated personnel shall have the exclusive right and responsibility, in accordance with this Agreement and the Enforcement Policies and Procedures, to administer Parking Enforcement. The Concessionaire and the University shall cooperate to establish, maintain and undertake the Enforcement Policies and Procedures
Single purpose SPVConcessionaire to be formed for sole purpose of operating a parking scheme
Renewable resourcesThe University recognizes the value of exploring the use of renewable resources, and, consistent therewith, the University reserves the right (i) to use portions of the Parking Facilities not utilized for Parking Spaces for the installation, operation, replacement and repair of renewable energy apparatus, including, solar panels as well as collection and distribution facilities; and (ii) to use portions of Parking Spaces for the installation, operation, replacement and repair of charging stations and other renewable energy devices utilized by certain motor vehicles
Access to emergency servicesRight to fire fighter and police to go onto parking space for law enforcement (3.18)
Change of scope (modifications) (5)
Parking feesas set out in the schedule – any changes to be approved by university (not to be unreasonably withheld)
Special days when parking configuration may be changed by university (7)
Reps and warranties– well drafted (9)
Insurance – very extensive insurance provisions – in line with US insurance language (13)
Adverse Action– the adverse action concept relates to action taken by the state or the university that has a material adverse effect on the concessionaire (14) – gives rise to right for concessionaire to seek compensation or terminate
Delay Events and compensation– this is a regime for further delay events
Restrictions on transfers by concessionaire(17) other than to lenders
Dispute resolution– mediation and courts (18)
Related Information:
Updated: March 28, 2021