Friday, March 22, 2013

Privatization Alert: Why Chicago On-Street Parking Is $6.50/Hr.

File this away as Walkerites at the Capitol look to transfer public assets to private interests for ideological satisfaction, short-term budget gains and long-term added costs to taxpayers, consumers, shoppers and commuters.

One case in point: outrageously expensive parking - - now $6.50/hr.- -  at Chicago ramps and on-street now leased seemingly forever to private operators:

[Consultant Richard Layman] wrote almost one year ago ("A lesson to cities that they need to be very careful when leasing assets to public private "partnerships") about the continuing debacle of Chicago's long term lease of its parking garages and parking meters to a for profit consortium.
Hat tip, 

Same sort of big toll increases continue since its leasing at the Chicago Skyway:

On January 1st, drivers who use the Chicago Skyway toll road will be paying more to use the 7.8 mile length of tollway...from the current $3.50 to $4.00.

According to a report from Fox News citing the Federal Highway Administration, the Skyway was already the costliest interstate toll road in the U.S....

The City of Chicago leased the Skyway, which links the Dan Ryan to the Indiana Toll Road, to a private investment group in 2005 for 99 years and $1.83 billion dollars.

The fatter toll policy after long-term privatization continues right into the the Indiana tollway, too:
The Indiana Toll Road lease may have paid off in the short term, but a new study concludes it'll be a bad deal for taxpayers in the long run.

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