Company Piles Up Profits From City’s Parking Meter Deal

Source: By DAN MIHALOPOULOS, New York Times, November 20, 2009

After a rocky start hurt their bottom line, Chicago’s new parking meter operators are raking in more than $1.1 million a week and expect even more revenue next year, according to internal company documents obtained by the Chicago News Cooperative.

 ……. Financial experts who reviewed the data say Chicago could have made out much better in the long run had it just kept the meters. The private company, Chicago Parking Meters LLC, paid the city $1.15 billion in February for the right to reap all parking fee revenues for 75 years. Under the deal, rates immediately quadrupled at most of the city’s 36,000 meters.

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