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

(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.

Morgan Stanley headquarters is shown in New York.
Morgan Stanley headquarters is shown in New York.   (AP Photo/Mark Lennihan, file)
Morgan Stanley headquarters is shown in New York.
Morgan Stanley headquarters is shown in New York.   (AP Photo/Mark Lennihan, file)
Chicago Mayor Richard M. Daley addresses the Democratic National Convention in Denver, Wednesday, Aug. 27, 2008.
Chicago Mayor Richard M. Daley addresses the Democratic National Convention in Denver, Wednesday, Aug. 27, 2008.   (AP Photo/Ron Edmonds)
 The city of Chicago already has deals to lease an airport, a toll road and garages. Now it wants to add parking meters to that list to raise some much-needed cash.
The city of Chicago already has deals to lease an airport, a toll road and garages. Now it wants to add parking meters to that list to raise some much-needed cash.   (AP Photo/Jeff Roberson)
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