June 3, 2009 :: Legislative

LPCC Supports Inspector General Report on Parking Meter Fiasco

The following is the official statement of the Lincoln Park Chamber of Commerce (LPCC) after City of Chicago Inspector General David Hoffman released a report stating that the hasty approval of the City's 75-year parking lease may have cost residents, businesses and elected officials $1 billion.

For Immediate Release: LPCC Reponds to Parking Meter Fiasco

As headlines continue to fill the news about broken meters and unhappy aldermen, the LPCC applauds City of Chicago Inspector General David Hoffman for holding City Council members accountable for leasing the City’s meters for the next 75 years.

“We commend Inspector General David Hoffman’s inquiry into the value of the parking meter lease and for his efforts to hold our elected officials accountable,” said Kim Schilf, President and CEO of the Lincoln Park Chamber of Commerce.  “Despite City Alderman’s efforts to include a required review period for future deals, the issue of the hasty lease of a precious asset remains.”

Although the LPCC supports parking meters to encourage business turnover, a 75-year lease and deferred control of costs and meter times is both of detriment to businesses and the vitality of neighborhoods,” Schilf continued. “With costs increasing by as much as 400% in some neighborhoods – to start – only time will tell as to how high they will climb.”

“Between increased taxes, higher fees and parking costs, the LPCC asks aldermen to think about the price point at which consumers will simply go elsewhere for their goods and services,” Schilf concluded.  “With approximately $1 billion left on the table with the privatization of our city’s parking meters, we worry that the financial well-being of businesses is at risk as well.”