Dec 3, 2008 1:03 pm US/Central
Aldermen Weigh In On Steep Parking Meter Hike
If Plan Passes, 1 Hour Will Cost 26 Quarters Downtown In 2013
CHICAGO (CBS) ―
Aldermen spent Wednesday morning weighing Mayor Richard M. Daley's plan for a $1.157 billion long-term lease of parking meters, which will cause some rates to quadruple in a matter of months.
As CBS 2's Dorothy Tucker reports, aldermen are taking a wait-and-see attitude about the plan, but some clearly have questions and concerns.
Mayor Daley announced on Tuesday a 75-year contract with Chicago Parking Meters, LLC, a firm organized by Morgan Stanley, to privatize the collection of funds from the approximately 36,000 metered spaces on the streets of Chicago.
Right now, it costs $3 per hour to park in the Loop, $1 per hour for the Central Business District outside the Loop – an area bounded roughly by Division Street, Cermak Road, Halsted Street and Lake Michigan. It costs 25 to 75 cents in the neighborhoods outside the downtown area, with higher rates in higher-density neighborhoods, particularly on the north lakefront.
Effective next year, it will cost $3.50 to park in the Loop, $2 to park downtown outside the Loop, and $1 to park in the neighborhoods.
Those rates will go up every year through 2013, at which point it will cost $6.50 per hour to park in the Loop, $4 to park in downtown outside the Loop, and $2 to park in the neighborhoods. After that, rates will be adjusted annually by inflation, the city said.
This means that when 2013 comes, if you park in the Loop for an hour, you'll have to pump 26 quarters in the meter. There will be non-cash options for all meters, the city said.
Mayor Daley wants to use the funds to help pay for city programs, balance the city budget, and help people who have lost their jobs or homes.
Some aldermen said the hikes were reasonable, particularly in neighborhoods where parking is now as cheap as 25 cents an hour.
"At least I know for the neighborhoods where it's a quarter an hour to park, going up $1 does not seem totally and completely unreasonable," said Ald. Leslie Hairston (5th).
"From a business standpoint, 25 cent-an-hour parking meters doesn't allow for movement of the cars for different patrons to patronize the establishments along the business districts," said Ald. Latasha Thomas (17th).
But Ald. Berny Stone (50th) was more skeptical.
"I'm not happy with it, but in the meantime, we need the funds," Stone said. "It's not going to have a good result as far as the general public is concerned."
The City Council Finance Committee will vote on the plan on Wednesday, and the full City Council will take a vote at a special meeting on Thursday. If the City Council approves it, then parking rates will begin increasing by New Year's.
Parking Meter Rates (per hour):
Loop: 2008 (current), $3; 2009, $3.50; 2010, $4.25; 2011, $5; 2012, $5.75; 2013, $6.50
Non-Loop Central Business District: 2008 (current), $1; 2009, $2; 2010, $2.50; 2011, $3; 2012, $3.50; 2013, $4.
Neighborhoods: 2008 (current), 25 to 75 cents; 2009, $1; 2010, $1.25; 2011, $1.50; 2012, $1.75; 2013, $2.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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