Chicago Parking Meters Announces Rate Change Details

As reported earlier, the company will increase all central business district meters from $3.75 per hour to $4.25, all meters currently charging $2.00 per hour to $2.50 per hour and all remaining meters in the outlying neighborhoods from $1.00 to $1.25 per hour. This represents an average increase of 25%, but a 500% increase within the last 12 months.

The company says, contrary to this website's reporting, that the rate change transition process will begin Monday, January 4th, with a completion date of January 31, "weather conditions permitting".

As a full month to complete the transition represents over 9% of the year, it seems that CPM and LAZ have plenty of incentive to change the meters to the higher rates as quickly as possible.

These rate increases were actually spelled out in the original meter lease deal agreement approved by the Chicago City Council in December of 2008. That same agreement provides for rate increases January 1st for the first five years of the lease.

At least one city council member, Ald. Joe Moore (49th), according to WLS TV,  is asking CPM to delay the rate increases.