Chicago IG: Officials bungled $1.15B meter deal

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Chicago’s inspector general says city officials ignored long-term consequences in a “hasty” effort to solve short-term budget problems when they agreed to a $1.15 billion deal to privatize the parking-meter system.

Chicago’s inspector general says city officials ignored long-term consequences in a "hasty" effort to solve short-term budget problems when they agreed to a $1.15 billion deal to privatize the parking-meter system. The 45-page report released Tuesday says an investigation shows officials also didn’t consider viable alternatives or provide any meaningful public review of the decision. The 75-year lease quadrupled parking rates in some neighborhoods, causing an outcry from residents. The report also calls the privatization agreement a "dubious" deal and says the meter system is worth at least $2.13 billion over 75 years. ______ Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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