Chicago parking privatization

Len’s nice article on Chicago’s major parking privatization deal is here. On December 2nd he [Mayor Daley] announced the winning bid for a 75-year, long-term franchise for the city’s downtown parking meter system. In exchange for an upfront $1.15 billion payment, the agreement will grant the operator–a consortium led by Morgan Stanley Infrastructure Partners–the right to maintain and operate the meters throughout the life of the contract. The deal also requires the operator to make significant investments in the system itself, replacing the antiquated coin-based meter system with a high-tech, multi-space/multi-pay meter system that will facilitate payment via cash, credit card, and other pay systems.