Chicago's decision to privatize its parking meters seems to be a loss for the city, as new data shows the city could have made much more money in the long term had they maintained operational management.
"The parking meter company projects total revenues of more than $75 million and net income of about $58 million in 2010, after a second round of rate increases go into effect across the city on Jan. 1. In the first 10 ½ months of operation ending Dec. 31 of this year, the company expects $32.7 million in net operating profit, for a 70 percent profit margin.
Financial experts who reviewed the data say Chicago could have made out much better in the long run had it just kept the meters."
The city was paid $1.15 billion in February for a 75-year contract over most of the city's meters. The private company, Chicago Parking Meters LLC, is expected to continue to earn high amounts of net income over the course of the contract.
FULL STORY: Company Piles Up Profits From City's Parking Meter Deal
Chicago to Install New Parking Meters to Lessen Impact of Bad Contract
The city of Chicago will install 752 new parking meters in 2017—but still fall far from the Shoupian ideal.
The Lingering Consequences of Chicago's Parking Meter Privatization
An article examines "Exhibit A for bad public contracting"—a 75-year lease between Chicago a Morgan Stanley-led private consortium for 36,000 parking meters—as a cautionary tale about the lingering impacts of bad deals.
Chicago Privatizes Parking
For $1.16 billion, Chicago Parking Meters LLC, has won the rights to manage Chicago's parking meters. This is one step the city has taken to ease budget shortfalls.
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
Dallas Surburb Bans New Airbnbs
Plano’s city council banned all new permits for short-term rentals as concerns about their impacts on housing costs grow.
Divvy Introduces E-Bike Charging Docks
New, circular docks let e-bikes charge at stations, eliminating the need for frequent battery swaps.
How Freeway Projects Impact Climate Resilience
In addition to displacement and public health impacts, highway expansions can also make communities less resilient to flooding and other climate-related disasters.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
