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Ecology Metering Edit
$1/Hour to Park, Eventually $6.50

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Ecology Metering
$1/Hour to Park, Eventually $6.50
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Ecology Metering - $1/Hour to Park, Eventually $6.50 (VIDEO)
$1/Hour to Park, Eventually $6.50
 Published: Dec 3, 08
 Views: 1,893

Chicago will raise rates at parking meters to a buck an hour. Wow, this is significant on so many levels.

1. Is this a congestion tax designed to force people to mass transit?
2. The meters will be leased to a private firm, so to make it attractive, the revenue has to be higher.
3. There will be a significant investment to switch out coin-only parking meters to accept bills, or is it dollar coins/credit cards only?

Some of the parking spots will eventually be raised as high as $6.50 per hour in the coming years.

City Hall officials said that after the first five years of the 75-year parking meter lease, rate hikes will be subject to approval by alderman and are expected to be at the rate of inflation. The $1.1 billion to city coffers will come from Chicago Parking Meter LLC, which is made up of two Morgan Stanley infrastructure funds. (newsblogs.chicagotribune)

References:  newsblogs.chicagotribune

Filed In:  autos,  eco,  leaders,  pop culture






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Ecology Metering