( Cincinnati ) A plan to lease out parking operations to the Port of Greater Cincinnati Development Authority would mean higher rates for some meters, more inforcement and a new 30 story building with luxury apartments, a grocery store and a new parking garage.

The lease to the Port Authority would mean $92 million for the city and put meters in the hands of the Port Authority for 30 years and garages for 50 years. Increases in rates would not happen until improvements are made to meters. Then, rates would remains $2/hour downtown and rise to $.75/hour in neighborhoods. Enforcement would increase and free parking would be limited to holidays, Sunday and between 9:00pm and 7:00am or 8:00am.

The $92 million would be used for a variety of projects, most noticeably a 30-story building with 300 luxury apartments, 1,000 parking spaces and a grocery store that would be located at 4th Street and Race, taking the place of the old Pogue's parking garage.

Millions would then be spent on shoring up the city's pension system and the MLK Drive interchange at I-71. 

Two public hearings are scheduled on the plan. The first hearing will be Monday, February 25 at 6:00pm in City Council Chambers. The second hearing will take place Wednesday, February 27 at 6:00pm.