Parking meter rates will increase next month after the Chicago City Council today overwhelmingly approved Mayor Richard Daley’s plan to lease the spots to a private firm for 75 years in return for a one-time payment of nearly $1.2 billion.
Some neighborhood parking meter rates will quadruple next month. Neighborhood spots that used to cost a quarter an hour will cost $1 an hour—and jump to $2 an hour in 2013. The top meter rates in the Loop will increase from $3 to $3.50 an hour, rising to $6.50 an hour in 2013. Chicago will have some of the highest parking meter rates in the nation.
City officials have said the meter rate hikes will go into effect Jan. 1, but that it will take some time to adjust all the meters.
(Source: Chicago Tribune)
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