Parking Meter Revenue Up $30M in 2012

Mayor Rahm Emanuel expected to introduce negotiated settlement with Chicago Parking Meters to the City Council

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    NEWSLETTERS

    Victoria Coleman

    Chicago officials on Tuesday said commuters paid nearly $140 million to park on city streets in 2012.

    That's more than $30 million more than was paid in 2011 and $115 million more than parkers paid in 2008, the last year the city managed the meters before turning them over to Chicago Parking Meters LLC in a 75-year, $1.2 billion privatization deal.

    The data was revealed one day after a city official told NBC Chicago the private company had failed to turn over the financial numbers by April 30, as is required in the contract.

    Mayor Rahm Emanuel on Wednesday is expected to introduce a negotiated settlement with Chicago Parking Meters to the City Council. That proposal includes free Sunday parking in most neighborhoods and a $1 billion concession over the life of the contract. Longer hours would be the rule for most meters, however.

    Meanwhile, even alderman who supported the sale, like Bob Fioretti (2nd), admit it's the worst financial deal the city ever made and are hoping to somehow make it right.

    "Some of us are looking at intervening in the appellate process," he said Tuesday. "Other alderman are also looking at filing a separate lawsuit as to the validity of the original deal."

    Just $1.5 million remains of the $1.2 billion the city received.