Details of Chicago Parking Meter Deal
Mayor Daley’s big parking meter deal has been in the forefront of the news over the past 24 hours and there is a lot to digest.
Here is a summary of the deal and how it effects you.
PRICE TAG: $1.16 billion for a 75 year lease term.
INCREASED METER RATES: Break out the quarters, parking meter rates are going up. Waaayyyy up at least through 2013.
Most meters in the system will quadruple their rates by 2010.
Here’s how the hourly rates will breakdown according to the city:
2008 = $3.00/hour
2009 = $3.50
2010 = $4.25
2011 = $5.00
2012 = $5.75
2013 = $6.50
Non-Loop/Central Business District
2008 = $1.00/hour
2009 = $2.00
2010 = $2.50
2011 = $3.00
2012 = $3.50
2013 = $4.00
2008 = 25 cents to 75 cents/hour
2009 = $1.00
2010 = $1.25
2011 = $1.50
2012 = $1.75
2013 = $2.00
WHEN DO PRICE INCREASES TAKE EFFECT?
Happy New Year’s! January 1 is when the new meter pricing will go into effect. However, it will take a long time to change over 36,000 parking meters. Think about it. Weeks if not a month or so to get all meters changed over.
FUTURE PRICE INCREASES?
After 2013, meter rate increases will allegedly be tied to the rate of inflation. The city council will have to approve these increases and will also have some control over the number of meters and hours of meter operation.
Seven Days A Week
As of January 1, all meters will have to be fed seven days a week. This means saying goodbye to not having to feed your meter on Sunday. It also means no parking meter holidays (New Year’s Day, Memorial Day, 4th of July, Labor Day, Thanksgiving, Christmas).
Downtown meters will eventually be have to be fed 24 hours a day.
The city will still be responsible for parking enforcement via ticketing using it’s already established legions of Parking Enforcement Aides (PEAs), the police AND it’s hired guns, SERCO.
However, according to the terms of the lease, Chicago Parking Meters LLC (the company that won the bid), can hire it’s own enforcement people to assist the city it ticketing. Increased enforcement means less scofflaws and therefore more people paying plugging quarters into meters. It also means a helluva lot more ticketing and ticket revenue for the city.
CREDIT CARD PAYMENT
Chicago Parking Meters LLC promises that all parking meters will be able to accept credit and debit cards by 2011.
While this is not confirmed, it stands to reason that Park Magic will be tapped to fully deploy it’s awesome in-car meters. These units (it’s like an I-Pass for parking meters) will let you pay your meter by phone and remotely if necessary.
Although the rumour is that you may end up paying more when you utilize these high tech payment options.