Your NPR news source

Parking Meter Privatization = Major Rate Hike

SHARE Parking Meter Privatization = Major Rate Hike
Parking Meter Privatization = Major Rate Hike

Photo by Andy Marfia

Mayor Richard Daley is pushing a nearly $1.2 billion deal to lease Chicago’s parking meters to a private operator. Daley on Tuesday said the money would help the city weather tough economic times. The proposed 75-year lease for parking meters is the latest deal for the city, which is leasing other assets to raise money, including Midway Airport and the Chicago Skyway.

The meter lease deal will result in higher parking rates. Daytime downtown hourly parking rates will climb from $3 to $3.50 next year and then to $6.50 in 2013. Daley will ask the City Council to approve the deal at a special
meeting on Thursday.

Related:
Check out all the planned parking meter rate increases
Listen to the mayor and the city’s chief financial officer, Paul Volpe, discuss the lease deal

The Latest