Chicago Parking Meters LLC

Chicago Parking Meters LLC is a company[1] with several investors[2] that owns the parking meters in the City of Chicago.

A pay box in Chicago, operated by Chicago Parking Meters LLC
A Chicagoan pays at a pay box

History

After the 2008 financial crisis, the city of Chicago needed money and a deal was made to sell all 36,000[3] of the parking meter spots in the city for 75 years for 1.15 billion dollars.[4][5] As of 2023, the investors in CPM LLC have recouped their investment and $500m more, and still have 60 years left on the deal.[6] The contract has been widely criticized as a negative example of privatization.[7]

References
  1. "Chicago Parking Meters Are Making UAE the Big Bucks". 28 May 2023.
  2. https://www.chicago.gov/content/dam/city/depts/fin/supp_info/AssetLeaseAgreements/MeteredParking/EDS/ParkingMeterSystemEDS_051613.pdf
  3. "Why Does Abu Dhabi Own All of Chicago's Parking Meters?". The Atlantic. 19 October 2010.
  4. Mihalopoulos, Dan (6 December 2009). "Abu Dhabi Shares Profits from Parking Meters". The New York Times.
  5. Scarcella, Mike (7 April 2023). "Chicago's $1.1 billion metered parking deal upheld by appeals court". Reuters.
  6. "Parking meter deal keeps on giving — for private investors, not Chicago taxpayers". 11 June 2023.
  7. "The worst privatization deal in U.S. History just got even worse". 9 June 2022.


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