Central Penn Business Journal: Parking adviser gets cut of deal

Central Penn Business Journal reports:

The financial group that advised the Harrisburg Parking Authority on the proposed $215 million lease of its parking facilities is a stakeholder in the deal.

RBC Capital Markets would be paid a “success fee” of $4.3 million if the lease goes through. If a deal of $200 million or more is approved, RBC makes 2 percent, according to a copy of the firm’s contract that the Business Journal obtained from the parking authority. If a lease valued under $200 million is secured, the company makes 1.5 percent. The contract suggests that RBC would walk away empty-handed if no deal is struck. RBC Capital Markets is a unit of the Royal Bank of Canada, based in Toronto.

Link to Central Penn Business Journal.


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