For the people : New parking spaces for public vehicles

Over a dozen sites to be reserved city-wide.

LAHORE: Lahore Transport Company (LTC) on Wednesday concluded an agreement with the Lahore Parking Company (LPC) on the establishment of new parking areas for public vehicles in the provincial capital.

The agreement covers the establishment of parking spaces across 16 LTC properties that only public vehicles will be allowed to frequent. The agreement is said to help curb illegal parking and remedy traffic congestion.  According to its terms and conditions, the LPC will develop the infrastructure needed for the project. The net profit generated from the initiative following its completion will be shared between the LTC and the LPC. The LTC will obtain a 75 per cent share of the net profit while the remaining amount will remain with the LPC.

The same ratio will be used to determine the companies’ respective shares with regard to parking receipts generated from sites not owned by the LTC.

LPC Chief Executive Officer Taseer Ahmed and LTC Chief Executive Officer Khawaja Haider Latif inked the agreement. A number of other senior functionaries from both companies were also present on the occasion.

The LTC has been entrusted with the task of regulating all kinds of public transport in Lahore for the provision of safe, comfortable and affordable transport facilities to the people.

Published in The Express Tribune, June 16^th, 2016.