Page "Richard M. Daley" Paragraph 73

In 2008, Chicago agreed to lease its parking meter system to an operating company created by Morgan Stanley in a 75-year, $ 1. 16 billion deal as it struggled to close a yawning budget deficit.

Daley was quoted as saying that the " agreement is very good news for the taxpayers of Chicago because it will provide more than $ 1 billion in net proceeds that can be used during this very difficult economy.

" However, the deal quadrupled the fees that taxpayers pay to park at meters in the first year alone, while the times between which people have to pay for parking were changed from 9 am – 6 pm to 8 am – 9 pm, on every day of the week instead of Monday through Saturday.

Additionally, any time any road on which parking meters can be found is closed by the city for anything from maintenance work to public festivals, the city has to compensate the new owners for loss of revenue.