Morgan Stanley Buys Chicago Parking Meters
In Chicago's sweeping efforts to raise cash by selling everything that isn't nailed down -- and some things that are -- the city has voted to privatize its parking meters, selling them to former investment bank Morgan Stanley, now a bank holding company and, evidently, a burgeoning parking meter concern.
A partnership of Morgan Stanley Infrastructure and LAZ Parking submitted the winning bid of $1.15 billion to run the city's 36,000 parking meters for 75 years.
Hey, Chicagoans: Under the new deal, it's going to cost you $6.50 PER HOUR to park at the most expensive downtown meters by 2013.
The meter sell-off is part of Chicago Mayor Richard Daley's plan to raise money for the cash-strapped Second City.
The city has accepted private money in exchange for long-term leases of the Chicago Skyway toll road ($1.83 billion), downtown parking garages ($563 million) and Midway International Airport ($2.5 billion), the Chicago Tribune reports.
December 3, 2008; 4:48 PM ET
Categories: The Ticker | Tags: Chicago, Morgan Stanley
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