Bike Walk Lincoln Park in their latest post gives a summary of how the parking meter lease was devised and approved in 2008. Then they point out how a majority if the revenue has been spent, including over half of a “rainy day fund” (as former Mayor Daley called it). But Bike Walk Lincoln Park mentions a report issued by the same company the Daley administration hired to advise it through the parking meter privatization process:
After receiving heavy criticism, William Blair and Company, the group that advised the Daley folks through the parking meter lease deal process, published a document defending their recommendations.
Much of the document seems like a desperate attempt to shine a good light on an all-around unfortunate situation, but one of their arguments resonated with us: The city’s residents got screwed under the lease deal — we’re paraphrasing from the report here — but only if you assume that the parking meters will continue to generate equal or increasing amounts of revenue in the future, which is not necessarily the case.
This article was found in the Grid Chicago Network, a collection of sites that write about active and sustainable transportation in Chicagoland.