Cities To Receive $25 Million For Smart Parking Adoption
Earlier this month, Citi and IBM, both NLC Corporate Partners, as well as Streetline announced a $25 million Citi credit facility to fund innovation in parking and help transform cities for the future. Citi is joining the collaboration between Streetline and IBM as they work closer with municipal chief financial officers in considering innovative ways to optimize parking revenue and deploy new smart parking solutions.
The financing will enable cities to acquire smart parking technology at no initial upfront cost, thereby facilitating adoption and deployment of the latest in parking advancements. Through this relationship, cities will now have the option of adopting Streetline's cloud-based smart parking solutions on a pay-as-you-go basis and accelerating the adoption of new parking solutions.
"City leaders must harness the possibilities of technology and new financial thinking to address critical efficiency reform, modernize urban infrastructure and provide socially inclusive access to public services," said Ward Marsh, managing director and manager, Municipal Securities Division, Citi. "With its global footprint, Citi has a unique perspective on the complexities of the urban environment and the financial challenges facing mayors and municipal CFOs. Working in collaboration with Streetline and IBM, we intend to help cities continue to rethink how they can optimize parking as an important source of revenue."
With sensors and applications from Streetline (www.streetline.com), and analytics technologies and "Smarter Cities" expertise from IBM, cities can tap historical and real-time data to help them gain a better understanding of the interdependencies between parking and their overall transportation network with other city services. Such knowledge is critical in planning for economic development, merchant services, mass transit scheduling and infrastructure projects, among other key city functions.
About the Partners
Citi, an NLC Corporate Partner, is the leading global bank and provides consumers, corporations, governments and institutions with a broad range of financial products and services. Citi for Cities is an initiative that harnesses the best of Citi across the globe to enable cities to become more efficient by providing financing that facilitates commerce and modernization, and by empowering citizens to access services that enhance livability and prosperity. Additional information may be found at www.citigroup.com and www.citiforcities.com.
IBM, an NLC Capstone Corporate Partner, works with cities, governments and others around the world to make their transportation systems smarter by helping traffic and public transit systems flow more smoothly, anticipating and improving congestion in advance, reducing emissions and increasing the capacity of infrastructure. For more on IBM and Smarter Transportation, visit: http://www.ibm.com/smarterplanet/us/en/traffic_congestion/ideas/.
About the NLC Corporate Partners Program
The National League of Cities Corporate Partners Program promotes the exchange of ideas between corporate leaders and the leaders of America's cities in order to strengthen local government, encourage economic competitiveness and promote corporate civic engagement.
NLC Corporate Partners provide valuable insights and perspectives on issues facing cities and towns and offer resources to address those opportunities and challenges.
Details: For more information about NLC's Corporate Partners Program, please visit NLC's website at www.nlc.org/corporate-engagement.