Parking Meter Company To Profit From G-8 Summit
Taxpayers Off The Hook For Street Closures?
When the world’s top leaders come to Chicago for the big NATO and G8 summits this May, many blocks downtown will be closed to vehicular parking and traffic for three days according to the Sun-Times.
However, these street closures to insure the safety of President Obama and all the other world leaders, have a cost associated with them due to Chicago’s parking meter lease deal.
As reported here on many occasions, the meter lease contract allows Chicago Parking Meters, LLC to bill the city for lost revenue due to street closures for road construction, water main breaks, and special events like parades and of course, international summits. Most recently, CPM billed the city $2.1 million for closure in 2009 and 2010.
But, according to a mayoral spokesperson cited in the Sun-Times piece, the city has lined up private and federal sources to pay for these closure fees due to the meter lease deal as well as the millions of dollars of other costs associated with hosting such a high profile international event.
Total costs due to closures won’t be known until the U.S. Secret Service provides the security perimeters, which will dictate street closures just four weeks before the events.
Here’s the Sun-Times full story, “Downtown will be on lockdown during NATO, G-8 summits.”