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The price of public parking in downtown Chicago is about to go up for the fifth year in a row — enough to give the Windy City the dubious distinction of having the most expensive parking meters in the country.The rate to park in downtown will rise from $5.75 per hour to $6.50 an hour on January 1, CBS Chicago reported.
A December 2008 deal by former Mayor Richard Daley gave control of the city’s meters to Chicago Parking Meters LLC, a consortium of investors led by Morgan Stanley, for 75 years, in exchange for $1.157 billion.
According to The Consumerist, that lease is now viewed by many, including current Mayor Rahm Emmanuel, “as kind of a financial disaster.”
In October, Emmanuel ordered an independent audit of the company to “ensure accountability and keep those behind the agreements honest and responsible,” he said.
On January 1, hourly meter rates will go from $3.50 to $4 in the Central Business District, and from $1.75 to $2 in the neighborhoods.