In line with the 2008 city deal, next year Chicago is slated to pay $20 million to the private firm which is hired to lease the city’s parking meters. The money will not be connected to the additional revenues that come from the meters.
As it stands, Chicago Parking Meters suffer losses due to meters being removed or taken out of commission. Even though the Mayor instigated changes a few years ago in an attempt to improve the situation for city tax payers (including free Sunday parking in some areas), there will still be a 16.3 percent increase from last year due to a “poorly managed” deal.
Meter parking rates have not increased in the city in the last five years.