Parking Meter Rates Increase New Year's Day
By Chuck Sudo in News on Dec 28, 2010 1:30PM
Photo by ehfisher
One of the poison pills in the parking meter lease was a series of steep increases in meter rates during the deal's first five years. This latest increase the third increase, for those keeping count will raise parking rates downtown another $0.75 to $5 an hour, making downtown Chicago parking the highest of any downtown area in the country. Parking rates in adjoining neighborhoods such as the Gold Coast, River North, Near North and parts of Lincoln Park, will increase to $3 an hour. Parking meter rates in all other neighborhoods will increase an extra $0.25 an hour to $1.25 to $1.50 an hour.
The new meter rate increases are taking business owners, who are already complaining that they're losing business because customers don't want to pay them, by surprise. Motorists who are going to have to shell out an extra quarter an hour to park in outlying neighborhoods aren't to happy about it, either.