New Parking Meter Deal Could Net $360M for Private Operator Say Aldermen

Aldermen Scott Waguespack (from l), Brendan Reilly, Ameya Pawar and Bob Fioretti are four of the nine members of the City Council's Chicago Progressive Reform Coalition. Photo credit Ted Cox/DNA Info

A revised parking meter deal could result in a $360 million windfall for the private company operating the meters, several aldermen say.

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.

2 Responses to New Parking Meter Deal Could Net $360M for Private Operator Say Aldermen

  1. nonya says:

    well duh, it’s not like they gave up the $20M a year for out-of-use spaces because rahm is a master of negotiating

  2. Jeff says:

    Who would have thought Rahm could make the worst contract in Chicago history even more of a disaster. He is Kind like a King Midas. Only everything he touches turns to crap instead of gold.

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