With Mayor Daley's retirement imminent, many in Chicago -- including a fair number of his prospective heirs -- have praised the accomplishments of his 20-year term.
But it's one of his least popular legacies that looks likely to be exported to cities around the country.
The 75-year, $1.2 billion lease of Chicago's parking meters to the blandly-named Chicago Parking Meters LLC in December 2008 has been derided by citizens, newspapers, aldermen and watchdogs alike. A report in today's New York Post, though, suggests that the largest city in America may for once be following Chicago's lead.
From the Post:
City officials are looking at how other cash-strapped municipalities have already auctioned off the long-term rights to their meters for hundreds of millions of dollars -- and say the move could work for the Apple.
Deputy Mayor Stephen Goldsmith -- assigned by Mayor Bloomberg to find innovative ways to cut spending and increase revenues -- liked the idea enough to bring it up at a city Department of Transportation meeting.
...
"We're always looking at different opportunities for new good ideas," said mayoral spokesman Marc LaVorgna. "But it's not something we're pursuing right now."
Still, if the city's fiscal situation gets desperate enough, the plan could shift quickly to cashing in on the meters.
As Chicago's ever-watchful Expired Meter blog pointed out today, New York isn't the only city to consider privatizing its meters. Pittsburgh, Los Angeles, Indianapolis and others have all looked into making such a deal.
Few Chicagoans, though, are happy about their city's lease. As the Chicago Reader reported, the deal was pushed through the City Council with virtually no time for aldermen to read or understand its complex terms. On the day of the vote, which went 40-5 in favor, many privately admitted they didn't fully get it.
And a punishing report from the Inspector General argued that the city didn't conduct the deal properly, and likely left at least $1 billion on the table through a closed-door negotiation process.
Meanwhile, meter rates have skyrocketed around the city, and meters must now be fed on Sundays and holidays as well.
As for the $1.2 billion windfall, that was supposed to last 75 years? It's almost all gone.
When the Post asked Chicago alderman Scott Waguespack what he thought of New York following in Chicago's footsteps and privatizing its meters, Wags had two words: "Oh, no!"
But New York is hoping to improve on Chicago's mess. With an estimated $5 billion price tag on the city's meters, it seems like Bloomberg is learning quickly.