Another Half a Billion
- Buoyed by the $1.83 billion pot of gold generated by the Chicago Skyway lease, Mayor Daley today sold off another major city asset for $563 million: four parking garages beneath Grant and Millennium parks billed as the nation's "largest underground parking system."
The 99-year lease with Morgan Stanley Investment Management paves the way for $122 million in capital improvements for neighborhood parks across Chicago.
After retiring $278 million in outstanding debt tied to the Millennium Park, Grant Park North and South and Monroe Street garages, the city will also place $120 million into a reserve fund for the Park District. That's designed to replace the $5 million in annual parking revenues generated by the garages.
Another $35 million will be used to rebuild Daley Bicentennial Park after the Monroe Street garage is re-built by private investors.
- $563 million for 4 parking garages
- minus 278 million in retired debt
- minus 120 million for a "reserve fund"
- minus 122 million for future capital improvements
- minus 35 million for rebuilding another park
We're just saying ...