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Citi, IBM and Streetline, Inc. today announced a $25 million Citi credit facility extended to Streetline, in collaboration with IBM, to fund innovation in parking and help transform cities for the future.
As the majority of the world’s population moves to metropolitan areas, key city systems, including city streets and parking resources, are being strained to the breaking point. Additionally, vehicle emissions and drivers looking for parking are so closely linked that a year-long study found that motorists in a 15 block district in Los Angeles drove in excess of 950,000 miles, produced 730 tons of carbon dioxide and used 47,000 gallons of gas searching for parking.*
The collaboration between Citi, IBM, and Streetline aims to provide a funding source to bring new technology and smarter parking to cities around the globe. 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 to adopt Streetline’s cloud-based smart parking solutions on a pay-as-you-go basis.
“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 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.