Chicago Leases Parking Meters for $1.6B
Company wants a 75-year lease on 36,000 metered parking spaces
By Jim O'Neill, Newser User
Posted Dec 3, 2008 9:00 AM CST
Morgan Stanley headquarters is shown in New York.   (AP Photo/Mark Lennihan, file)

(Newser) – Chicago, which in September agreed to lease out Midway Airport for 99 years in exchange for $2.52 billion, has now made a deal to lease 36,000 metered parking spaces to Morgan Stanley for $1.16 billion, reports Bloomberg. The city council will vote tomorrow on the 75-year lease, which allows the new owners to more than double parking rates over 5 years.

Under the new lease, Chicago would continue to enforce parking laws. Mayor Richard Daley said $325 million of the windfall would be used to shore up city budgets through 2012. Two years ago the city made a deal with Morgan for a 99-year lease of its parking garages for $563 million.

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Showing 3 of 3 comments
Dec 3, 2008 2:10 AM CST
When will people wake up? All or most of our infrastructure is being sold ("Leased") for such absurd amounts of time, our country is on flames, who will put it out?
Dec 3, 2008 1:44 AM CST
I won't be parking anytime soon in IL
Dec 2, 2008 9:18 PM CST
Eventually the city is going to run out of assets to lease... why do we pay taxes again? So that we can pay more to private industry?