Echoes of Shortshanks
- While Chicago’s infamous parking meter lease deal quietly celebrated its third anniversary the first week of December, the city was releasing documents chronicling more evidence the privatization of the city’s more than 36,000 parking meters turned out to be more costly for taxpayers than originally imagined.
Financial statements, released by the Chicago Inspector General’s office via their Open Chicago government transparency initiative, reveals what many critics of the lease deal had feared–the city would end up owing or paying Chicago Parking Meters, LLC millions of dollars in compensation when any sort of change or activity by the city impacts parking meter revenue for the company.
Financial statements for the company show that CPM has billed the city an additional $2,191,326 in “True-up Revenue” through the end of 2010.
TheExpiredMeter.com has a very in-depth report on how all these costs are being calculated and Chicago is getting stuck with astronomical additional charges.
Labels: city politics