December 30, 2009 :: Business, Community, Legislative

Parking Meter Rates Increase Jan. 1, 2010

Starting January 1, 2010, it will cost you a little more to park in Lincoln Park - and throughout Chicago.  Chicago Parking Meters reports that the cost of hourly parking in Lincoln Park will now be $1.25, up a quarter from $1.00.  Rates in the Loop and closer to the Central Business District will be a little harder to swallow for consumers and residents - there, costs are increasing to $4.25 and $2.50 an hour, respectively.

Costs for parking first increased in 2009 after the city's now infamous parking meter lease.  Only a small portion of the approximately $1.15 billion collected as part of the lease remains after budget constraints in 2009 and 2010 left the City of Chicago desperate for cash.