Results of the latest parking meter audit by accounting giant KPMG shows meter revenues reached a record $140.4 million last year - with 60 years left on a 75-year lease.

From the article:

Results of the latest parking meter audit by accounting giant KPMG shows meter revenues reached a record $140.4 million last year, up from $136.2 million in 2021 and $91.6 million during the stay-at-home shutdown of 2020…
…With 60 years left on the 75-year lease, Chicago Parking Meters LLC now has recouped its entire $1.16 billion investment and $530 million more.

  • @CletusVanDammeEnglish
    3•1 year ago

    Very short term thinking by the city on this.

  • pbrisgreatOPMEnglish
    2•1 year ago

    This is crazy to me, I don’t know enough about the details surrounding the initial bill but to me it sounds like the city got hosed with this one. 60 more years of 100mil+ a year.

    I also didn’t realize the skyway was private, what the hell Chicago.