Mayor Richard Daley is pushing a nearly $1.2 billion deal to lease Chicago’s parking meters to a private operator.
Mayor Richard Daley is pushing a nearly $1.2 billion deal to lease Chicago’s parking meters to a private operator.
On Tuesday, Daley said the money would help the city weather tough economic times.
The proposed 75-year lease for parking meters is the latest deal for the city, which is leasing other assets to raise money–including Midway Airport and the Chicago Skyway.
The meter lease deal will result in higher parking rates. Daytime downtown hourly parking rates will climb from $3 to $3.50 next year and then to $6.50 in 2013. Neighborhood meter rates will climb from $0.25 to $1 next year.
Daley will ask the City Council to approve the deal at a special meeting on Thursday. AP
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