Report Shows Parking Meter Revenue Up, Insight Into Settlement
Gross parking meter revenue was up nearly 29% last year according to CPM’s most recent income statement. Revenue rose from $108 million in 2011 to over $139 million in 2012–an over $30 million increase. Parking meter rates rose only 16% between 2011 and 2012.
“At some point you have to laugh at how much revenue they’re bringing in,” said Alderman Scott Waguespack (32nd). “At this rate the company will recoup their investment in just 10 years.”
The original meter lease deal back in 2008, gave CPM a 75-year lease for a one time payment to the city of $1.16 billion. Waguespack was one of only five no votes on the lease and at the time, strongly believed the payment low-balled the true value of the nation’s third largest metered parking system. Although originally the bulk of the billion plus dollars was earmarked for rainy day savings, most of the proceeds have already been spent.
But CPM’s financial statements also seem to reveal the dramatic fiscal impact to the company’s bottom line from the hard fought settlement Mayor Rahm Emanuel and his team’s recently negotiated.
Read more at DNA Info Chicago.