Chicago Parking Meters Privatization Windfall

In 2008, the City of Chicago leased all of its parking meters to a private investor group for 75 years in a deal worth about $1.15 billion. The city received the money up front and handed control of meter rates and revenues to Chicago Parking Meters LLC. By the early 2020s, audits showed that the private operators had already collected more than $2 billion from the meters, allowing them to recoup their investment and turn a profit with decades still left on the lease.

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