Cha-Ching! Chicago Parking Meters, LLC Raking In Millions According To Wall Street Reports
From new financial reports, the company that controls Chicago’s parking meter system is raking in the quarters–millions and millions of them.
According to an article in today’s New York Times, Chicago Parking Meters, LLC is going to be just shy of the $75 million dollars in revenue the company had projected it would make in 2010.
The Expired Meter with CBS 2 News had broken the story back in November of 2009, that internal documents from the company estimated its revenues for 2010 to be around $75 million. With projected expenses of $15 million, the company was looking to generate nearly $60 million in profits for 2010. It’s these numbers that seem to indicate to many that the city underestimated the true value of Chicago’s 36,000+ parking meter system.
The Times drew the financial data for their article from reports on CPM by Moody’s and Standard & Poors, two of the world’s top investment rating services. Both companies had glowing reports on CPM’s performance and its financial future.
Based on planned meter rate increases over the next three years, and cost of living increases beyond 2013, Standard & Poor’s estimates the company will have revenues of $162 million by 2020.
The article goes on to say that 56.4% of CPM’s revenue is being generated by meters in the neighborhoods, not necessarily downtown or just outside of downtown where the rates are more expensive.
But this revelation is no surprise as the vast majority of the city’s 36,000 metered spaces are in the outlying areas of the city.
Here’s the NYT’s full article, “Outrage Aside, Drivers Fuel High Parking Meter Profits.”
Two days ago I received a Notice of Final determenation for ticket I did not even know existed. I do recall the situation as follows: Comining out of tanning salon on Broadway, meter lady right by my car, I stated “OMG just in time” her reply “yes” No ticket right I asked. Her reply “NO” She was cordial we even spoke for a moment regarding the monies with parking issues in Chicago and that was it. I proceeded to call Revenue after going through my local aldermans office as no number to speak with anyone there is available. The lady on the phone said two other notices went to my address next door as that is what state had on file. Funny thing, the Notice of final determination went to my correct address. She even looked up the final notice and my old address was listed. What is up with that? Of course it is doubled now. Her solution to me was to send a copy of the ticket to revenue for verification. OK but kicker is, I still have to pay the $50 once that is done. For a ticket I did not even get in the first place. What the heck – CHicago is for the birds for sure. If we were birds no cars needed