Chicago To Lease Parking Meters To A Company That Will Charge $6.50 An Hour?

Chicago To Lease Parking Meters To A Company That Will Charge $6.50 An Hour?

The Chicago Sun-Times is reporting that Mayor Richard M. Daley of Chicago is trying to get “quickie” approval for a proposal to privatize the city’s parking meters. Under the 75 year lease, Chicago’s 36,000 parking meters would be controlled by a partnership that includes Morgan Stanley Infrastructure Partners and LAZ Parking. This partnership will, naturally, raise prices. Critics of the proposal say that charging $6.50 an hour by 2013 to park downtown would hurt local businesses.