The report finds that if the City were to keep control of the parking-meter system and operate it under the same terms as the private company, the system would be worth approximately $2.13 billion to the City over 75 years. In other words, by giving up control of the parking-meter system for 75 years, the City relinquished future parking-meter revenue that has a present value of approximately $2.13 billion. This means that the City received about $974 million less for the parking-meter system than it was worth to the City – or alternatively, that the City leased the system for a price that was 46% lower than its value to the City.
Why such a bad deal for the citizens? Could it be the lack of transparency, the lack of oversight, the lack of accountability, the lack of Alderman who day “NO!” to the Mayor??
Chicago, for the love of pete, help us to stop the 2016 Olympic bid. The people who are forcing the Olympics on us are the same people who gave away the store to LAZ, Inc. Don’t let them give away the city to the International Olympic Committee and bankrupt the city in the process through massive construction overruns. PLEASE GO TO OUR ‘TAKE ACTION” PAGE AND TAKE SOME ACTION.
For a running commentary on all things parking meter, see the Huffington Post’s Parking Ticket Geek.