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Aldermen Support Parking Meter Deal Despite Reservations

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Chicago aldermen overwhelmingly approved a $1.2-billion deal to lease the city’s parking meters to a private company, but it wasn’t without some reservations. Even the powerful chair of the Finance committee, Ed Burke, was hesitant in his support of the 75-year deal. Burke says he had concerns about one of the big private companies in the plan, Morgan Stanley.

BURKE: If it wasn’t for the fact that we are going to collect one-billion, one hundred fifty six and a half million dollars up front, I don’t know that I would trust this company to make good on its obligation.

Burke says he thinks some of the money from the meter lease deal will be siphoned off to help keep some city programs running. Mayor Richard Daley and representatives from Morgan Stanley would not comment after yesterday’s vote.

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