The city of Medford this morning is reviewing its contract with Republic Parking following the sale of the company to Imperial Parking Corporation.

Mayor Stephanie M. Burke on April 11 received a letter in an email from Republic’s Senior Vice President Jack Skelton, announcing the company had been sold.

Medford has a 10-year contract with Republic for parking, which was signed by former Mayor Michael J. McGlynn in October 2014 and implemented in January 2015.

City Solicitor Mark Rumley had no comment on the letter or what it could mean for the city. Rumley did, however, inform the Medford City Council regarding the sale.

“In light of this announcement, the substance of which the city had neither prior knowledge or involvement, Mayor Burke has requested that I review the contract that Republic has with the city of Medford,” Rumley stated in an email to the members.

Medford’s pay-to-park program has been a source of contention between the city and residents, many of whom have complained about a bevy of issues, including kiosks that are difficult to use, receiving unwarranted tickets and the need for meters.

In its first year, Medford’s pay-to-park program brought in significantly less revenue than. Earlier this year, Republic estimated that since January 2015, when nearly 100 parking kiosks and meters were installed throughout the city’s five business districts, the program generated just more than $1 million in revenue from kiosk and meter payments, permits and citation fees.

The city had expected to generate $18 million over 10 years through the program, or $1.8 million annually.

The following is the text of Skelton’s letter to Burke:

Dear Mayor Burke:

I wanted to share with you some exciting information regarding Republic Parking System.

Today, we are announcing the sale of Republic to Imperial Parking Corporation (Impark).

Impark is one of the largest parking management firms in North America with more than 3,400 parking facilities under management and operating in more than 34 cities in Canada and the

United States. The combined companies will be a holding company based in the United States.

The process and decision making regarding the sale evolved after James C. Berry, founder, President & Chief Executive Officer of Republic Parking System passed away in November 2013. Mr. Berry took great pride in Republic, a company he built up from one location over the course of 47 years.

At the time of his death, Republic was the largest privately held parking company in the United States operating in 39 states, more than 750 urban locations, 69 airports, and $375 million in annual revenue.

After evaluating the future of Republic and the best path forward for the family, the company, its clients and employees; the family decided that exploring the sale of Republic was in the best interest of all. The family was very concerned with who would purchase Republic.

They sought a buyer that could offer the following:

• Security and a non-disruptive transition for our clients

• Security and a smooth transition for our employees

• Continuity of the Republic Parking System name out of respect for the legacy of founder James C. Berry and his commitment to excellence at all levels of the organization

• A buyer with understanding of the parking industry

• A stable owner in a strong financial position

Several firms and investment groups expressed interest in acquiring Republic. After a rigorous evaluation and due diligence process that lasted well over a year, the trustees agreed to accept a purchase agreement by Imperial Parking Corporation (Impark). The family/shareholders agreed to sell 100% of the company’s outstanding shares.

Founded in 1962, Impark is based in Vancouver, B.C. with U.S. headquarters in Philadelphia, PA. In 2012, Impark was acquired by the Ontario Teacher’s Pension Plan based in Toronto, Canada.

The Ontario Teacher’s Pension Plan with more than $150 billion in assets under management, owns a multitude of companies and gives Impark and Republic tremendous financial resources and strength which will contribute to their market leading position.

Alan Copping, President and CEO of Impark will remain in that position after the acquisition of Republic. Scott Titmus, President of Republic will continue in that role and report directly to Mr. Copping. I will continue in my role as Senior Vice President of the Urban Division and continue to report to Scott.

We expect the transition to be completely seamless; all of the district staff with whom you are accustomed to working have been offered and accepted positions to continue in their roles. Republic will continue to operate under the Republic Parking System brand.

I am excited about the transaction and working with the new organization. While some of you have lived through other acquisitions in the parking industry that have not worked well; we are confident that the cultures and philosophies of Impark and Republic are in harmony. You can be assured we will continue to serve you and our mutual customers with the same personal service, dedication, and excellence as you are accustomed.

As always, we sincerely appreciate the opportunity to serve you and your customers. I have enclosed a copy of the press release announcing the sale. If you have any questions or I can be of any assistance, please do not hesitate to contact me.

Sincerely,

Jack Skelton

Senior Vice President