12/26/2012 10:13 am ET

Chicago Clinches Title For Nation's Highest Parking Meter Rates

Another year, another parking meter price hike.

Chicago motorists will celebrate the start of 2013 by ringing a fifth consecutive year of parking meter rate increases, further insuring the Windy City retains its title for the nation’s most expensive parking meters.

Back in December, 2008 the city council approved a privatization deal put together by then Mayor Richard Daley, which leased the city’s metered parking spaces to a private firm for $1.16 billion dollar. But as part of that 75-year agreement, the city agreed to allow meter rates to rise annually for the contract’s initial five years, ultimately making Chicago’s downtown rates the highest in nation.

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