Tag Archives for: Albany Parking Authority

Albany Parking Authority’s Bond Rating Raised to A-

February 12, 2019

 

 

Albany Parking Authority’s Bond Rating Raised to A-

 

 

 

Stable Outlook according to S&P Global

 

 

 

ALBANY, NY – The Albany Parking Authority’s bond rating increased from BBB+ to A- as a result of S&P Global’s updated rating criteria. The A- rating comes from an assessment of the Authority’s robust enterprise and financial risk profiles.

 

“An increase in the Albany Parking Authority’s bond rating is a testament to the Authority’s thoughtful financial planning over the past few years,” said Albany Parking Authority Board Vice Chairman Jeff Sperry. “We hope to continue investing in Albany’s economy through partnerships that provide visitors and residents with innovative parking solutions, including our recent addition of new meters and our ParkAlbany app.”

 

“The system’s management and governance is strong, in our view, reflecting our view of its strategic positioning, risk and financial management, and organizational effectiveness,” wrote S&P Global in their report.

 

The Authority’s bonds are secured through the parking garages, lots, on-street parking and a debt service reserve. S&P Global forecasts a positive two-year financial outlook for the Authority with approximately $13.3 million in bonds outstanding, manageable capital requirements and no debt plans.

 

“The stable outlook reflects our expectation that the system’s net revenues will continue to provide coverage at or near levels we consider strong,” added S&P Global Ratings credit analyst Kevin Archer.

 

The Albany Parking Authority provides the city’s public parking through approximately 2,001 on-street metered parking spaces, three parking garages and nine surface lots.

 

 

About the Albany Parking Authority

The Albany Parking Authority’s mission is to provide secure, convenient and affordable parking in support of economic development in the City of Albany. The Albany Parking Authority manages more than 5,000 parking spaces to serve those that live, work or visit New York’s Capital. The Authority was established in 1983 and is authorized to construct, operate and maintain city public parking facilities. The Authority receives no tax support or Federal, State, City or private grants.

 

 

Albany Parking Authority Partners with Flowbird to Expand Parking Program

July 06, 2018

 

 

 

Albany Parking Authority Partners with Flowbird to Expand Parking Program

 

 

 

City installs new app and paid parking system supplied by Flowbird Group

 

 

MOORESTOWN, NJ – The Albany Parking Authority has announced its plan to extend a new parking program after a successful preliminary pilot of 12 Flowbird StradaPAL kiosks. Installation of 158 additional kiosks will be completed by late July, 2018 in conjunction with the city’s parking payment app.

Flowbird Group, the name of recently merged parking and transit leaders, Parkeon and Cale, installed 12 trial Parkeon StradaPAL Pay-by-Plate kiosks in June of 2017. The pilot location ran along State Street between Eagle and Broadway and covered 100 spaces.

The goal of the pilot program was to present a viable upgrade to the city’s current meter system. With the old meters aging, the city deemed it the right time to bring pay-by-plate and mobile payment apps to motorists, citywide.

According to Albany Parking Authority Executive Director, Matt Peter, 30 to 40 percent of motorists used the city’s app with the new meters during the pilot period.

“It took some people getting used to putting their license plate number in the machine or in the app, but once it was done, people described it as much easier to use and there was a strong desire with a lot of our customers to see it go citywide,” said Peter.

Flowbird’s Parkeon system was selected for several factors including the company’s industry reputation, years of experience, and strong customer service.  In addition, the StradaPAL kiosks are multi-lingual and can be programmed to offer coupons for nearby businesses. The kiosks are weather-ready, resistant to cold, rain, ice and grout, along with being ADA compliant.

“We are extremely pleased to have been chosen as the preferred system supplier for this exciting project,” said Benoit Reliquet, President of Flowbird North America.  “We look forward to providing the citizens in Albany with an easy-to-use, secure parking solution.”

The remainder of the kiosks, 158 out of total 170, will be rolled out in 2 phases. The initial phase will be completed by Monday, June 25, leaving the 2nd phase to be completed by the end of July.

 

 

Flowbird US Media Contact

 

Sean Renn – Vice President of Sales and Marketing

856-220-1577

sean.renn@flowbird.group

www.flowbird.group