Morgan Stanley Infrastructure Partners, which already manages the City of Chicago’s parking garages, is part of a group that has been awarded a $1.157 billion long-term leasing deal for the city’s parking meters, the latest effort of local government contracting out services in an effort to generate much-needed revenue.Also Clout Street adds that city parking meters could cost more as a result of this new deal:
The winning bidder, Chicago Parking Meter LLC, was announced Tuesday at a press conference held by Mayor Richard Daley. The deal will require City Council approval.
The 75-year deal includes overseeing the more than 36,000 parking spaces throughout the city.
Rates for most city parking meters will increase to $1 an hour in the coming months as a result of Mayor Richard Daley's deal to lease the spots for $1.1 billion to a private firm.
Two-third of the city's meters now cost 25 cents an hour, but once the paperwork is finalized, any metered spot costing less than $1 per hour will increase to $1 next year, city officials said today. And by 2013, those same metered spots will cost $2 an hour, according to City Hall.
The most expensive meters, which are found in the Loop, cost $3 an hour now. They will increase to $3.50 an hour next year and $6.50 by 2013.
If this isn't encouragement to leave the car at home when you go downtown, I'm not sure what is.
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