Chicago parking meter deal: City's meters sold to another private company, Mayor Johnson says
abc7chicago.com • • nation
Key Points:
- Chicago's parking meters have been sold to a new private company for at least twice the original 2008 sale price, which was $1.15 billion under Mayor Richard M. Daley's administration.
- Parking rates downtown have increased from $3 an hour when city-owned to $7 an hour under private management, generating significant profits for the companies involved.
- Mayor Brandon Johnson explored buying back the meters but found the cost prohibitive and the financial risks too high, as all parking revenues would be committed to debt repayment, limiting flexibility on rates and meter numbers.
- City Council members were not involved in the buyback discussions and must now vote on approving the transfer of the parking meter contract to the new private owner.
