Parking Meter Company Dings City For Another $14 Million
The Chicago Sun-Times reports today that Chicago Parking Meters, LLC has sent the City of Chicago another bill for $14 million.
This time it’s for True-Up Revenue, a term used to describe the revenue the meter company loses when metered spaces can’t be used due to road construction or repairs, utility work, street festivals, etc.
This provision is tucked within the universally hated parking meter lease contract, which essentially sold off Chicago’s parking meter system for $1.16 billion back in 2008.
This provision allows CPM to invoice the city for lost parking revenue anytime on street metered parking spaces cannot be used.
True-Up Revenue was a paltry $6,829 back in 2009, but rose to $2.1 million for 2010 as The Expired Meter reported back in December.
According to the Sun-Times, the Emanuel administration is disputing the $14 million bill, along with an invoice for $13.5 million that was billed for lost revenue from an overabundance of drivers using handicap license plates and disabled parking placards to park in metered spaces for free.
However, there is a big difference between how the two types of revenue are documented.
While the bill for disabled parking is solely based on the reporting of CPM itself, True-Up revenue from meter closures is documented using photos, measuring wheels and independently corroborated by the city’s own databases.
Here’s the Sun-Times full story, “Chicago parking meter company wants more money; mayor balks.”