VCU Parking to Increase; Discounts offered for Car Pooling

Virginia Commonwealth University on Friday announced as part of its budget process that parking rates will increase for subscribers, but will be offset by deep discounts for car pooling and subsidized bus fares on GRTC buses.

Over the past 12 years, VCU has built nine new decks to meet the needs of increased enrollment. The decks represent more than $5 million in annual debt service, and the university has been subsidizing this cost, creating an unsustainable financial situation.

A combination of rate increases, technology enhancements that allow for reduced staffing levels and improvements to facilities that reduce operating costs have resulted in a five-year financial plan that will create a completely self-sufficient parking system.

Parking rate increases will be spread over the next five years. The rate increases, which are the first in five years, will apply to all permit holders effective July 2013.

To help offset the increase, VCU will offer a discount of 50 percent of the normal parking rate for faculty and staff for two-person carpools and will continue with the 100 percent permit price discount for three-person carpools. 

More information on the new parking and transportation plan is available at www.parking.vcu.edu.