CHICAGO
12/19/2011 10:42 am ET Updated Feb 18, 2012

Parking Meter Firm Bills City Another $2.1 Million

While Chicago's infamous parking meter lease deal quietly celebrated its third anniversary the first week of December, the city was releasing documents chronicling more evidence the privatization of the city's more than 36,000 parking meters turned out to be more costly for taxpayers than originally imagined.

Financial statements, released by the Chicago Inspector General's office via their Open Chicago government transparency initiative, reveals what many critics of the lease deal had feared--the city would end up owing or paying Chicago Parking Meters, LLC millions of dollars in compensation when any sort of change or activity by the city impacts parking meter revenue for the company.

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