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PPA Scraps New Taxi Medallions Due To Low Sales

By Pat Loeb

PHILADELPHIA (CBS) -- The Philadelphia Parking Authority has scrapped the system it was using to sell new taxi medallions that would put more wheelchair accessible cabs on the street.

The medallions, required to operate a cab, were the first new ones to be authorized for the city in 15 years, so the Parking Authority expected sales would be brisk and offered them at auction for a minimum bid of $475,000.

When none sold, they dropped the price to $350,000, but still no sales.

General Counsel Dennis Weldon says there were concerns about the cost of making cabs accessible, which the medallions required, and competition from ride share services, so the authority is starting a new process with a minimum bid of $50,000.

"This sets a very low minimum bid price in order to permit participation by the industry and hopefully set the fair market value for this new classification of medallion."

Weldon says they'll be sold in groups of four to eight, weekly, beginning May 6th.

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