Dubious distinction for Chicago parking meters

WBBM-TV/CBS

CHICAGO Chicago soon will have the most expensive downtown parking meters in North America.

On New Year's Day, meters in the city's downtown Loop area will begin charging $6.50 an hour, up from $5.75 - which was already the highest rate in the U.S, reports CBS Chicago station WBBM-TV.

The station cites TheExpiredMeter.com as saying $6.50 will be the highest rate in the continent.

The company that operates the meters, Chicago Parking Meters LLC, plans to have all machines set to new rates by the end of February.

Former Mayor Richard Daley got the City Council to approve the company's 75-year contract in 2008. In return, the city got a $1.1 billion payment, much of which has already been spent.

Current Mayor Rahm Emanuel has ordered an independent audit of the deal, which is now largely viewed as a financial disaster.

2013 will be the fifth straight year in which Chicago's rates rise, WBBM says.

While the 2013 price increase is the final automatic hike under the 75-year deal, prices could go up at the same rate of inflation in the future, WBBM notes.

[chicago747]

This sounds like a lot of money for parking. Doesn't surprise me though after the LAZ deal. Recommend using a free street parking app called faspark for Chicago. Helps you find street parking in the city and saves me a lot of time and hassle.

[ThomasGolliher]

The City of Cincinnati is looking to lease their parking infrastructure just like Chicago has, for a quick cash fix. Governments never learn, do they?

[john92021]

we have a similar situation, spend money to attract people to shop downtown and then pray on them with high fees and tickets. Haven't been downtown for a couple of years now, it's working fine.

[rfp_hill]

Chicago is on its way to becoming another Detroit, corrupt, economically oppressive, and encumbering. It's a slow death and it's too bad, we love visiting the city, but the cost, congestion, and crime rate makes it an easy choice. Let's go to Minneapolis instead.

[w_roos]

Too bad the twin cities still have such crappy flight connections.

[1notrub11]

Well....I cannot say how similar the rates are in other large urban areas, but if this level of parking rate has not negatively impacted the "local" economy during recent times, I don't know what would. $5.75 per hour is already way too much.

It would be interesting to hear the local business take on this.

[1notrub11]

I stand corrected. I checked out the link. The rates are appalling for parking in the cities listed on the web site.

It just reinforces that this is another of the many reasons I choose to spend my hard earned money "outside" of the city. Talk about working on taking yourself out of the market.