Source: By Alan Greenblatt, Governing, August 2009
Parking has gotten worse in Chicago, and many see Mayor Richard Daley's decision to privatize parking meters as the culprit. Daley has been a privatization pioneer, starting with his leasing of the Chicago Skyway for 99 years. So, when a consortium led by Morgan Stanley offered $1.2 billion for the right to collect street-parking fees over the next 75 years, it seemed like a no-brainer. The plan sailed through the city council but ran into trouble almost as soon as it was implemented in February.
Parking fees quadrupled in some areas, running to $3.50 an hour in the Loop; downtown rates will rise to $6.50 by 2013. The need to stuff meters with 14 quarters a shot jammed many of them. Meanwhile, 250 pay-and-display devices that take credit cards broke down right after installation.
Parking has gotten worse in Chicago, and many see Mayor Richard Daley's decision to privatize parking meters as the culprit. Daley has been a privatization pioneer, starting with his leasing of the Chicago Skyway for 99 years. So, when a consortium led by Morgan Stanley offered $1.2 billion for the right to collect street-parking fees over the next 75 years, it seemed like a no-brainer. The plan sailed through the city council but ran into trouble almost as soon as it was implemented in February.
Parking fees quadrupled in some areas, running to $3.50 an hour in the Loop; downtown rates will rise to $6.50 by 2013. The need to stuff meters with 14 quarters a shot jammed many of them. Meanwhile, 250 pay-and-display devices that take credit cards broke down right after installation.
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