A consortium of investors formed Chicago Parking Meters (CPM) in 2008 and paid the city $1.15 billion for the right to “manage the meter system and pocket the money fed into it for the next 75 years.”
CPM has made $778.6 million in revenues in the first seven years of the deal. “It’s on pace to make back what it paid the city by 2020, with more than 60 years” left on the deal.
Mayor Rahm Emmanuel was able to re-negotiate the “true-up” provisions of the agreement (what the city pays the CPS when it blocks meters).
Emmanuel predicted it would save the city $1 billion over the remaining 60 years of the contract.
Meanwhile, Chicago has some of the highest hourly rates for parking in the nation – at $6.50 per hour.
How does giving multi billions of dollars of parking meter revenue for the next 75 years to a group of crony capitalists save the city 1 billion dollars?
another good business in chicago – black gun market
@Dick – how has 0bama ‘cut the deficit’ every year?
What’s Emanuel’s cut?
(and you can bet that Obola, Daley, Ayers, and Jarrett are in on it)
Inquiring minds want to know.
izlamo delenda est …
Carnival barker to Rahm. Can you change a twenty? Rahm sure what would you like? How about two tens and a five. Rahm, I don’t have a five would five ones be ok?
#ParkingMetersMatter
$6.50 per hour? That’s shameful. The poor things deserve $15 per hour.
Aaahh, the multitude of ways the corrupt can invent to launder money is amazing.
The group of investors knew all to well who they were dealing with, Democrats willing to give away the future for some temporary gain today.
Just like they and the RINOs have saddled generations with trillions in debt.
How does giving multi billions of dollars of parking meter revenue for the next 75 years to a group of crony capitalists save the city 1 billion dollars?
Because it’s a less laborious work of graft than waiting for the tow truck kick backs, though I’m sure that’s still in the mix. But really, much more efficient.
Steve Goodman was inspired to write about them. https://www.youtube.com/watch?v=ESUYE7hBKIA .
A couple of years ago, I saw plans for an electromagnetic pulse generator that would fit easily in a car trunk, and had a charge time of a few minutes. It was strong enough to kill all the electronics in a car following at a normal traffic interval. One could imaging having some real fun with Chicago smaht meter gear.
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But it would be wrong!</b< *snort*
Right after Obama took office, there was a big campaign to bring the Olympics to Chicago. The City Council, smelling blood in the water, bought up Cook County Hospital for several million bucks, intending to tear it down and use the land as a sports venue.
It was only after Obama completely botched their fly-in public relations charm initiative and lost the Olympics that the City Council learned that it was going to cost more to tear down this enormous structure that they originally paid for it. They still own the property.
Tim,.if memory serves, Daley Jr. signed the city up for that shit because his annual budget had a billion dollar deficit.