Parking meter deal keeps on giving — for private investors, not Chicago taxpayers
From the article:
Results of the latest parking meter audit by accounting giant KPMG shows meter revenues reached a record $140.4 million last year, up from $136.2 million in 2021 and $91.6 million during the stay-at-home shutdown of 2020...
...With 60 years left on the 75-year lease, Chicago Parking Meters LLC now has recouped its entire $1.16 billion investment and $530 million more.
https://www.wbez.org/stories/parking-meter-deal-keeps-on-giving-for-private-investors-not-chicago-taxpayers/4b12dad6-ddc2-441f-a5e2-88f0c8d2584bOpen linkView original on midwest.social
Just one more reason to take transit I suppose.
Very short term thinking by the city on this.
This is crazy to me, I don’t know enough about the details surrounding the initial bill but to me it sounds like the city got hosed with this one. 60 more years of 100mil+ a year.
I also didn’t realize the skyway was private, what the hell Chicago.