DETROIT, Aug. 28 (UPI) -- A spokesman for Detroit's emergency manager said the city is still waiting for a valuation of its network of parking lots, meters and garages.
The possibility of selling off the city's parking-related assets was raised by Emergency Manager Kevyn Orr this summer as a means of generating cash to pay off city debts, The Detroit News reported Wednesday.
Detroit is in the process of restructuring after filing the biggest municipal bankruptcy in U.S. history.
The sell-off of the money-losing municipal parking system is part of a broader plan that includes valuing the collection of the Detroit Institute of Arts for possible sale.
Orr spokesman Bill Nowling said a valuation of parking assets was not yet complete.
Detroit manages nine parking garages with 8,688 spaces plus another 1,240 spaces in two public parking lots.
Regardless of a sale, motorists might end up paying more for parking in Detroit because currently the city has some of the lowest rates in the nation, experts said