Only In Chicago Could A Parking Meter Lease So Bad, Get Approved So Fast

On December 4, 2008, Chicago Mayor Richard M. Daley and the City Council leased away the rights to Chicago's parking meters for $1.157 billion dollars over 75 years.

"If the City were to keep control of the parking-meter system and operate it under the same terms as the private company, the system would be worth approximately $2.13 billion to the City over 75 years."

SOURCE: City of Chicago Office of The Inspector General

Chicago Was Short-Changed One Billion Dollars.  It’s Time You Heard Our Voice

The mayor admits he "totally screwed up" the transition, and some Alderman claim they were railroaded into voting for an agreement they had no time to understand.

Wait a second.

Overwhelmingly approve something you don’t understand?

The vote was 45-5.  It's reprehensible to lease away such a valuable asset without examining it carefully. This was handed down to us by our parents. And our parents' parents.

"The people own the asset to be used today for this generation of people and not for 2050," Mr. Daley said soon after the Council’s parking meter vote last December. "Our responsibility is to help the generation right now."

-- Mayor Richard M. Daley
SOURCE: The New York Times

Excuse us, Mr. Mayor.

You've mortgaged our future for pennies on the dollar and now we have some of the highest city parking rates in the nation. We're sure the Chicago citizens of 2050 agree.

"Daley said that in a step he had hoped he would not have to take, the City will borrow from its parking meter reserve funds to fund some essential services"

SOURCE: The City of Chicago

And now, one year later, the money is almost gone.

"If they start leasing public assets — every city, every county, every state and the federal government — you would not have to raise any taxes whatsoever. You would have more infrastructure money that way than any other way in the nation."

--Mayor Richard M. Daley
SOURCE: Chicago Sun Times

We respectfully disagree. We view the increases in hourly meter fees and the loss of free Sundays and holidays as an increased tax. The only difference now, is that the money isn't going into the city's coffers. It's going to Wall Street, and Morgan Stanley. It's going to Germany. It's even going to Abu Dhabi.

How are we going to balance the city's budget when the parking meter reserves are completely gone?

Chicago Citizens Want Our Billion Dollars, and Parking Meters Back.

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