Jan 18, 2010
On January 1, parking meters in the neighborhoods went up from $1 to $1.25 an hour and in the outer area of downtown from $2 to $2.50 an hour. The parking meter rates had already doubled earlier in 2009.
When Morgan Stanley, the giant investment bank and other investors paid the city of Chicago 1.15 billion dollars to privatize the meters, they got a 75-year lease. But Mayor Daley has used up almost all the money in just two years.
So the money is gone – but these wealthy investors will be making money off these meters for 73 years to come!