Tag Archives: closures
City Will Repay Meter Company Entire $1.16 Billion By Lease End
When the Chicago parking meter lease deal was being jammed through the Chicago City Council in just over 36 hours in December, 2008 The Expired Meter warned how bad the deal was.
Certain provisions within the nearly one inch thick parking meter lease contract leaped out at people who actually read the document–provisions that could and would spell trouble down the road.
Alderman Scott Waguespack (32nd) knew about this stuff too. As one of the few (if not only), city council members who actually read the lease agreement and took the time to understand it, he foresaw what would happen.
“This is right on par with what we knew would happen,” said Waguespack initially in an interview this past Friday. “Any alderman (who voted for the meter lease deal) that still says they didn’t know that this was going to happen is ignoring reality.”
But when pressed, even Ald. Waguespack admits the meter lease deal is worse than even he predicted.
“Yes,” he simply said when asked if the deal has exceeded even his expectations of failure.
City Will Give Back Entire $1.16 Billion By Lease End