Central Parking System and the City of Santa Monica Sign Multi-Year Contract

Central Parking System, Inc. (Central Parking), the nations largest parking management company, announced today that it was recently chosen by the City of Santa Monica to operate 29 of its parking facilities.
The contract for service with the City of Santa Monica, California includes 11 downtown parking structures, the Civic Center, fifteen beach lots, the Beach House, the Public Library parking structure, the Santa Monica Pier, and the Bicycle Valet Services. This totals 15,000 parking spaces generating approximately $15 million of annual revenue for the City. The areas served constitute a major recreational resource, drawing visitors not only from Los Angeles, but also attracts national and international clientele as well. The contract was finalized in June 2009.

Central Parking will focus on using the synergies of these multiple locations and respective overhead to operate more efficiently while closely monitoring labor costs through time keeping automation for the City of Santa Monica, the beach, and structured parking programs. Central Parking will also be operating a bicycle valet service provided at large events to encourage the environmentally friendly use and convenience of bicycles. Central Parking will receive, park, secure, and retrieve bicycles for customers attending the multiple events held in and around the City of Santa Monica.

Emanuel J. Eads, Central Parkings President and Chief Executive Officer, said, We are excited to be awarded this complex and challenging opportunity by the City of Santa Monica. The selection of Central Parking recognizes our attention to customer service, adherence to strict financial controls, and ability to create financial value through parking. We will achieve all of these standards, but also look forward to enhancing the structure and efficiency of the Santa Monica portfolio beyond the status quo.

About Central Parking System

Central Parking System is the leader in professional parking management with offices in most major metropolitan areas in the United States. The Company operates approximately 2,400 parking facilities containing in excess of 1.1 million spaces. Clients include some of the nations largest owners and operators of mixed-use projects, office buildings, hotels, stadiums and arenas as well as airports, hospitals and municipalities. For more information, visit www.centralparking.com.
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