Geek, CBS 2 Teamup To Show City Vastly Undervalued Parking Meter Lease Deal
The information essentially confirms what most people knew already--Chicago vastly undervalued the meter lease deal by hundreds of millions of dollars.
That's because with the higher rates and new pay and display meter units, the new meter company is raking in the revenue.
The internal documents obtained by CBS 2 and theexpiredmeter.com reveal that LAZ Parking projects $75 million in proceeds next year, the second year of the 75-year meter lease, with expenses of $15 million. That would be a net income of $60 million.
Read the entire juicy report, "New Data Shows City Losing Millions On Meter Deal," and/or check out the video report here.
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