New Parking Meter Deal Could Net $360M for Private Operator Say Aldermen
The draft report by the City Council’s nine-member Chicago Progressive Reform Coalition claims that contrary to estimates from Mayor Rahm Emanuel’s administration, the deal could wind up resulting in as much as $9 million a year in extra revenue for Chicago Parking Meters, the private company that runs the meters.
The City Council Finance Committee will continue to debate the measure Friday.
This would result in additional revenue of as much as $360 million for Chicago Parking Meters over the remaining 71 years of the agreement privatizing the city’s meters than what is being touted by the mayor’s office. Even the report’s most conservative estimates find the company would make millions of dollars more than the city projects.
The bulk of that money could come from a provision extending parking meter hours in River North by three hours and in other areas by one hour. That comes in exchange for providing free parking on Sundays, although drivers would still have to pay meters in an area bordered by North Avenue, Halsted Street, Roosevelt Road and the lakefront.
Read more at DNA Info Chicago.