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Parking meter deal Chicagoans
love to hate gets worse — again

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Posted By: AltaD, 8/2/2020 7:27:13 PM

The stay-at-home shutdown triggered by the coronavirus turned the streets of downtown Chicago into a virtual ghost town. But private investors who leased Chicago’s parking meters had plenty of cushion to absorb the blow. Chicago’s parking meter system raked in another $138.7 million in 2019, allowing private investors to recoup their entire $1.16 billion investment and then some with more than 60 years to go on the 75-year lease. Four underground city-owned parking garages took in $34.8 million in 2019, while the privatized Chicago Skyway generated just under $92 million in cash, separate audits of those assets show. Not a penny of those revenues went to ease the burden on Chicago taxpayers

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Daley's dirty deal.

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Reply 1 - Posted by: IowaDad 8/2/2020 7:54:48 PM (No. 498004)
Parking in Chicago costs ~$50 for a morning. It all goes to private investors in a disgusting deal to reap $1billion one time and nothing more (except a little tax) for 75 years. Worst city deal ever. And who spent the $1 billion? Democrats!
4 people like this.

Reply 2 - Posted by: coobr03 8/2/2020 8:10:43 PM (No. 498009)
Abu Dhabi's sovereign wealth fund owns the bulk of this investment that was sold for a billion dollars. The problem is that it should have been sold for two billion dollars and nobody knows who was the person that brokered the deal and received the commission. So may secrets in Chicago. Former Mayor Daily also tried to sell one of the airports, but that was blocked by the feds.
4 people like this.

Reply 3 - Posted by: Strike3 8/3/2020 3:26:14 AM (No. 498161)
Is there any means of corruption and taxpayer abuse that Chicago does not employ? The one year that I spent there was the worst of my life.
3 people like this.

Reply 4 - Posted by: cold porridge 8/3/2020 11:41:56 AM (No. 498556)
Why is this news, Its not as if it is a surprise, Its a democrap run city fer chissakes,
0 people like this.

Reply 5 - Posted by: Rat Patrol 8/3/2020 10:02:17 PM (No. 499135)
Those idiots love being stolen from,yes,they are that stupid....
0 people like this.

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Posted by AltaD 8/2/2020 7:27:13 PM Post Reply
The stay-at-home shutdown triggered by the coronavirus turned the streets of downtown Chicago into a virtual ghost town. But private investors who leased Chicago’s parking meters had plenty of cushion to absorb the blow. Chicago’s parking meter system raked in another $138.7 million in 2019, allowing private investors to recoup their entire $1.16 billion investment and then some with more than 60 years to go on the 75-year lease. Four underground city-owned parking garages took in $34.8 million in 2019, while the privatized Chicago Skyway generated just under $92 million in cash, separate audits of those assets show. Not a penny of those revenues went to ease the burden on Chicago taxpayers
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