Parking Meter Lease (Leasing of existing parking infrastructure) - Chicago Metered Parking System Concession of 2008 and Amended and Restated Chicago Metered Parking System Concession Agreement of 5 June 2013 between the City of Chicago and the Chicago Parking Meters LLC.
75-year lease (sec 2.1); Concession is granted against upfront payment of $1,156,500,000 (sec 2.1). Concessionaire to operate, maintain and improve over 36,000 on-street parking meters in the city (sec 2.1); Concessionaire has the right to collect and retain metered parking revenues and is compensated for the operation of metered parking spaces it operates and maintains on behalf of the City (sec 2.1). City retains responsibility for parking enforcement (sec 7.7); however, Concessionaire can issue parking tickets at its own expense to assist the City in ticketing (sec. 3.2 (e)). Parking rates will be allowed to rise each year for the first five years of the contract (Schedule 9). Any subsequent rate increases greater than 0.25 % of the fee that was in effect after 31 December 2013 will be subject to City Council approval (Schedule 9 and sec 1.1). All increases would be capped to increases in the consumer price index. [Concession is based on home-rule authority. There is no enabling legislation from the State of Illinois.]