In another chapter surrounding the Chicago parking meter privatization saga, the city and Chicago Parking Meters LLC disagree on how much money the municipality owes for free disability parking and out-of-service meters. The company says the city owes $61 million, while the city argues that their figure is off by at least $22 million. The city and parking meter company are in closed talks to discuss the disparity in calculations.
Chicago Parking Meters, LLC has pulled in $200 million since 2008, the beginning of the 75-year deal former Mayor Richard Daley made with the company giving them all of the city's parking meter revenue during that time in exchange for $1.15 billion in immediate funds.
In January, parking meter rates are scheduled to increase again in the downtown district to $6.50 an hour from the current $5.75, which is double what downtown parkers paid per hour back in 2008. Parking meter prices will follow inflation come 2014.