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.
"Final approval of the deal, which will be decided by a city council vote on Thursday, would establish the first private concession for a publicly owned U.S. parking system, according to Mayor Richard M. Daley. Similar deals over the past three years have seen Chicago pocket nearly $5 billion from leasing the Chicago Skyway, downtown parking garages and Midway Airport.
Mr. Daley said at a news conference that the fresh funds, to be paid up front for a 75-year concession, will help the city avoid seeking federal government help to balance its budget. 'We're creatively working to protect our taxpayers for years to come,' he said at a news conference Tuesday."
"Net income from Chicago's roughly 36,000 parking meters totaled $18.9 million in 2007, according to the city. For more than two-thirds of the city's meters, the current per-hour rate is 25 cents. By next year, that rate will soar to $1, the first price increase at those meters in more than 20 years, the city said. The rate will gradually increase for five years, to become on par with the rates of other cities. Afterward, rates are expected to increase with inflation and must be approved by the city council."
Read the full story: Chicago Banks on Private Parking
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's Private Parking Meter Bungle
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.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Eastern Nebraska is running out of electricity
Data centers and electrification are straining eastern Nebraska’s grid, throttling economic development.
Study reveals best places in the U.S. for cycling, walking
New research from Streetlight Data examines bicycle and pedestrian miles per capita in the 100 largest U.S. cities by population.
Federal government nominates new FTA administrator
Mark Aesch is currently the founder and CEO of a transportation management consulting firm.
Developers reveal $10 billion stadium plan as ‘Hail Mary’ to keep Bears in Chicago
The plan would also boast a public park, high- and mid-rise buildings and a youth sports complex.
As Texas embraces carbon storage, a Black community questions the risks
Texas now issues permits for companies to store carbon dioxide underground. East Texas residents fear safety risks, and skeptics doubt the climate benefits.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
City of Charlotte
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
University of Michigan School for Environment and Sustainability (SEAS)
Hunter College, City University of New York (CUNY)
The Architects Foundation
City of Cambridge
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello