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.
In 2008, Chicago signed a $1 billion contract with a private company to manage the city's parking meters. According to an article by Stephanie Farmer and Donald Cohen, "[after] the ink was dry, the city’s inspector general concluded that the city sold the meters $1 billion dollars under their value. Parking rates skyrocketed, and the terms of the lease protecting Morgan Stanley’s investment created new annual costs for the city."
The post then goes on to apply lessons from the bungled portions of that contract is continuing to hinder planning efforts in Chicago, including the removal of parking meters in connection with the city's planned BRT lines, pedestrian safety improvements, and adjustments to rush hour realignments.
Read the full story: Why Chicago’s Botched Parking Meter Privatization Is Also Bad for the Environment
Parking Privatization Efforts Not Spreading Smoothly
In the wake of the problem-plagued privatization of Chicago's parking meters in 2008, two WSJ reporters assess conversions (or attempts) in Indianapolis (2010), Pittsburgh, Los Angeles, Cincinnati and New York, as well as what went wrong in Chicago.
Motorists Sue Chicago Parking Meter Operator
A lawsuit claims a company's 75-year contract to manage the city of Chicago's parking meters amounts to an "unreasonable" monopoly.
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.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
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Desperate measures: Advocates weigh draining Lake Powell to fill Colorado River
Draining the reservoir could reduce evaporation losses by a couple hundred thousand acre-feet.
Mamdani’s pied-à-terre tax survives legal challenge
A panel of judges found that the plaintiffs failed to demonstrate injury as a result of New York City's implementation of the tax.
Eastern Nebraska is running out of electricity
Data centers and electrification are straining eastern Nebraska’s grid, throttling economic development.
Seattle passes record-breaking transit services expansion
Proposition 1 will double the city’s transit tax to add 95,000 more bus trips and preserve 180,000 bus trips annually.
FREE Course: Walkable City 1: Why Walkability?
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Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
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