ARMONK, N.Y. & FOSTER CITY, Calif., Apr 09, 2012 (BUSINESS WIRE) — 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.