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:

Loop:
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

Neighborhoods
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).

24-7

Downtown meters will eventually be have to be fed 24 hours a day.

PARKING ENFORCEMENT

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.

MORE ENFORCEMENT

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.

PARK MAGIC?

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.

16 Responses to Details of Chicago Parking Meter Deal

  1. Nicole Macaluso says:

    The city businesses are already suffering from being over taxed as well as their clientele. Raising the meters is going to kill small business in Chicago~
    Daley’s got to get rid of the greedy & corrupt and cut the fat there. This parking plan will NOT help the city in the long run…

  2. [...] told the Geek is going to step in for a few minutes to discuss the crap parking meter lease plan that got approved this past [...]

  3. [...] all Chicago parking meters will be handed over by the city to Chicago Parking Meter LLC, under the parking meter lease deal signed by the city council just a few short weeks [...]

  4. [...] Daley and the city council sold your city’s parking meters to Morgan Stanley (Chicago Parking Meter LLC) and the deal starts [...]

  5. [...] will be continue to increase every year until 2013, at perhaps beyond [...]

  6. [...] will be continue to increase every year until 2013, and perhaps beyond [...]

  7. libertyincorporated says:

    The outrage for me is not the parking rate hike as much as the privatization. At least with a hike, we are sort of paying ourselves (corruption aside).

    But the city sold a revenue stream worth trillions for just over a billion to Chicago Parking Meters LLC, a subsidiary of Morgan Stanley. Its short term thinking, and once the initial sale money runs out, the bulk of the revenue will no longer be available to replenish public infrastructure.

    So rather than ditch your car for a sparkling new public transportation system, investors will be giggling at you from their limousines because the police man ticketing you will be working for them, but paid by you.

  8. Dave says:

    Well, I think the whole thing stinks. Daley’s an idiot for giving up the revenue in lieu of a few (in government terms) bucks. And you’re absolutely right that meter readers will be, and are, stepping up their game. What makes it intolerable is the gouging rate increase that, in my opinion, amounts to usury, not to mention their apathy to mechanical problems and inaccurate rate stickers. Government taxation, lack of representation, and corporate piracy has become a battle cry and rally point- can you say Chicago Meter Party?

  9. marcos littau says:

    In the past, no matter how pissed I got about the meters & how much I wanted to go around filling the coin slots with Superglue, I realized that being city property, the cost would just go back to the taxpayer (me). But NOW it’s different! Get out your Superglue, kids! The sleazeballs in city govt (Daley & lapdogs) sold municipal assets to get their butts out of a budget jam created by their own mismanagement. It was not their property to sell – what’s next, the Lakefront? Superglue, honey, heavy oil, bark & twigs, ball-peen hammer: Make your voice heard!

  10. Bill Lee says:

    Time to super glue these meter!!! Great idea.

  11. jb says:

    no one who parks @ theses meters live in chicago anyway so way to be richie and fyi what ever happened to that raised h2o tax incentive on the burbs!concentrate on your quaters hot shots

  12. MeterBandit says:

    Just wanted to pass along you can easily jam the meters by sticking paper or cardboard in the coin slot! Do it!!!

  13. [...] That’s what Chef Daley cooked up for us up back in December. [...]

  14. [...] the Chicago City Council ok’d the parking meter lease deal with Morgan Stanley (now called Chicago Parking Meters, LLC) last December, they passed an [...]

  15. HuntingforPrking says:

    Those meter payment machines don’t work well at all…. and the costs have escalated to a level that’s “beyond belief”. I’m glad the City is being sued over this. I read Clint Krislov and IVI are the primary activists in this. Krislov is also running for Illinois Comptroller. Sounds like good credentials (an activitist) for that job.

  16. [...] profile and perhaps, most challenging role was as the DOR’s point person in the aftermath of Chicago’s infamous parking meter lease deal. While intimately involved with the lease deal from the very beginning, according to sources, Darst [...]

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