During the press-conference held in Yerevan City Hall Deputy Mayor of Yerevan Vahe Nikoyan presented the results of the negotiations carried out with “Parking City Service” and “ Locator” companies.

In particular, Vahe Nokoyan noted that the representatives of “Parking City Service” CJSC claimed that the assets and borrowed funds attracted for assets purchase are a significant burden for the company.
“Yerevan Municipality agreed to purchase the 100% of “Parking City Service” stocks as a gift on the condition that at the time of purchase the assets of the company would be equal to their obligations and even exceed them. This fact must be fixed by the foreign audit company. Taking into account the experience of effective use of the equipment installed for the given services, Yerevan Municipality provides for passing the assets of «Parking City Service» under entrusted management of “Locator» CJSC. As a result, all the property necessary for paid parking organization will become community-owned and the organization already passed under Yerevan management will undertake the process of repayment of borrowings», said Vahe Nikoyan.
The Deputy Mayor also informed that with its next step Yerevan Municipality is going to terminate the agreement with “Parking City Service” on paid parking organization which had supposed 70/30 ratio of payments. Afterwards with the agreement of the RA Government the Municipality will sign 2 treaties for 10-year period. The first treaty is to be signed with “Parking City Service” regarding getting the right for paid parking services and the second treaty is to be signed with “Locator” company with the aim of rendering stocks management service.
“As a result of the bargain the invested assets will be transferred to community ownership, and the amount of collected duties (not including expenditure) inflowing into Yerevan budget during the coming years will increase at least by AMD 100 million, and then by AMD 400 million annually’, said Vahe Nikoyan adding that 2 months are required for the process completion.
Deputy Mayor also informed that paid parking fee reduction is not expected in near future.

Information and Public Relations Department
of the City Hall of Yerevan