Chicago handed huge bill from Parking Meter Company

[Gonad the Barbarian]

Did the contract specifically address these issues? Seems to me that street closures are a risk assumed by the investor. Every investment has risk and it is normal for cities to close streets from time to time.

This is America. Profits are privatized, losses are socialized.

 

[EagleKeeper]

Did the contract specifically address these issues? Seems to me that street closures are a risk assumed by the investor. Every investment has risk and it is normal for cities to close streets from time to time.

Yes, the contract specifically addresses these issues. Any reason for reduced parking revenue (at least as far as things like the city choosing to have a holiday), the city pays.

The city has a set time to have a meter unusable without penalty to the city. After that, they are on the hook for the revenue loss.

 

[EagleKeeper]

Hmm contract was 500 pages. If i am an Alderman and they hand me a 500 page contract to read through for this I hand it right back and say until that contract fits on 20 pages I am not reading anything and will just vote no. The only reason for that contract to be 500 pages is to make it impossible to understand and to hide all the really bad stipulations.

Last and first page of the contract probably had the number 1.2Billion in large font.

billion was probably also spelled out with Zeros
$1,200,000,000

Most any politician would drool over that.

 

[halik]

If you don't know the history of Chicago you may not understand this whole parking meter thing but Chicagoans deserved to be shafted up the butt.

They sold their souls to the devil and wonder why they keep getting burned.

12-20-2011

http://news.yahoo.com/blogs/chicago...go-lost-revenue-122057391.html?bouchon=602,il

Parking meter firm bills Chicago for lost revenue



Another week, another embarrassing detail concerning the city's parking meter monopoly; Chicago Parking Meters LLC has sent City Hall another bill for lost revenue from the city's parking meters.

The company is billing the city $2.2 million for lost parking revenue due to various street closures, everything from broken water mains to film shoots blocked off streets where drivers would normally park at meters.

Mayor Rahm Emanuel left for a two-week vacation, he is disputing the $13 million bill for lost revenue from disabled parking and he plans an investigation.

Better sell off parking than a city tax to fill the budget hole. At least the meters take credit cards now.

Although they already nabbed me for $60 on a 2 minute expired meter. C'est la vie.

 

[halik]

Coming from someone obsessed with childrens cartoons, I consider your laughter a badge of honor. Now go back to your donkey show or whatever the hell it is boy.

Bit offtopic, but bringing out the big guns I see.

 

[halik]

This is America. Profits are privatized, losses are socialized.

No,
this is the City of Chicago signing a contract that had those stipulations. They got paid $1.2B, less the forgone revenue due to the things in the O/P

 

[Blackjack200]

The city has a set time to have a meter unusable without penalty to the city. After that, they are on the hook for the revenue loss.

Seems reasonable as long as that set time was based on some kind of study on how long meters are typically unavailable.

BTW, to be clear, I think this is an idiotic deal. I remember when Corzine tried to "monetize" the NJ Turnpike. Thank god the constituents sent him a clear message.

 

[waggy]

It doesn't matter who owns the contract, it matters what was in the contract that the government signed. My guess, is much like the Obamacare bill, the libs didn't read the contract when they voted on it and signed it.

i doubt they read it either. BUT it wouldn't matter Daley wanted it so it was going to happen. Daley is KING in IL what he wants happens no matter who says what. EVEN the government.

 

[OutHouse]

Last and first page of the contract probably had the number 1.2Billion in large font.

billion was probably also spelled out with Zeros
$1,200,000,000

Most any politician would drool over that.

while skimming over the line that spelled out the lease was for 75 years.

 

[homercles337]

Holy hell, there is shittons of stupid in here. Privatizing services that should never have been privatized is a very right-wing thing to. It came out of the Reagan 80s while lies about government proliferated. One of those lies was that government was inefficient and all government services should be contracted out to for-profit companies. There is a complete lack of logic in this argument, but it gained traction in the 80s. Now we have to contend with the fallout. This means dealing with less service, more inefficiency, and higher cost. This isnt such a problem if you are one of the few in society that benefit from such an arrangement (this is very much "trickle-up economics"), but the rest of society gets the shaft.

 

[Gonad the Barbarian]

No,
this is the City of Chicago signing a contract that had those stipulations. They got paid $1.2B, less the forgone revenue due to the things in the O/P

The fact that it was in the contract reinforces my point.

 

[Exterous]

while skimming over the line that spelled out the lease was for 75 years.

That line was probably obscured by the pile of bribe money

 

[waggy]

also whats funny is as soon as the contract was in force the company doubled and in some places tripled the cost of parking.

the orginal contract they figured that the company would start makeign a profit in 20 years (with 55 years profit nice eh?). With them doing the cost of parking higher they will see a profit within 2-5 years.

 

[Patranus]

Why shouldn't the city pay for lost revenue from disabled parking?
Just because you are disabled doesn't mean you shouldn't have to pay for parking like the rest of us.
If the city/state wants to make it legal for disabled people to not pay for parking then they should foot the bill.

 

[bfdd]

Chicago, home of the corrupt idiot central planners.

 

[PokerGuy]

Privatizing services that should never have been privatized is a very right-wing thing to.

Clearly, Chicago has always been well known as being run by the "right wing" politicians.

One of those lies was that government was inefficient

You consider that a lie? You must be even more stupid then the idiots who keep voting those corrupt crooks into office in Chicago.

This means dealing with less service, more inefficiency, and higher cost.

Your argument that private businesses are more inefficient, cost more, and provide less service than a government agency is laughably stupid.

Overall, I see you've achieved a pretty impressive 8.5 out of 10 on the fail scale. If you want to consistently achieve high scores, Craig can be an excellent tutor in failure and stupidity.

 

[Zargon]

True in most cases up until recent times.

This move by Daley was more of a Republican move to privatize city functions and it certainly was done in the most wrong way possible.

Did the contract specifically address these issues? Seems to me that street closures are a risk assumed by the investor. Every investment has risk and it is normal for cities to close streets from time to time.

yeah Daley sold out the city for a 'retirement package' from the company I am sure. good old slimy politicians.

its like they didnt even read the contract, the news stories the first year of the contract come Taste of Chicago were great, paying 3 million dollars or so to the company so they could close streets was pure comedic gold

Better sell off parking than a city tax to fill the budget hole. At least the meters take credit cards now.

Although they already nabbed me for $60 on a 2 minute expired meter. C'est la vie.

I hesitate to street park there, it might be better now that its privatized

it used to be you wuold get tickets for infractions you didnt commit and the fee for court costs for getting it overturned were more than the ticket, and they would threaten to impound/boot you

 

[dmcowen674]

I hesitate to street park there, it might be better now that its privatized

it used to be you wuold get tickets for infractions you didnt commit and the fee for court costs for getting it overturned were more than the ticket, and they would threaten to impound/boot you

It's worse now.

It's been on the news constantly how the Parking Meter Revenue Maids have been putting bogus tickets on cars like crazy.

Some people have had bogus tickets put on their car everyday and then come out and find the car towed.

It's $125 to fight each $50 ticket in court so even if you win you lose $75

 

[waggy]

It's worse now.

It's been on the news constantly how the Parking Meter Revenue Maids have been putting bogus tickets on cars like crazy.

Some people have had bogus tickets put on their car everyday and then come out and find the car towed.

It's $125 to fight each $50 ticket in court so even if you win you lose $75

Not to mention that after they raised the prices the coin operated meters couldn't handle it (they were getting full within 2 hours). so people couldn't put in money to pay it and the meter was saying no time so people were getting expensive fucking tickets.


the whole thing is a joke. But fuck thats daley for you. he gets what he wants no matter what (migs field anyone?)

 

[halik]

also whats funny is as soon as the contract was in force the company doubled and in some places tripled the cost of parking.

the orginal contract they figured that the company would start makeign a profit in 20 years (with 55 years profit nice eh?). With them doing the cost of parking higher they will see a profit within 2-5 years.

The fee hikes were always part of the plan*; city privatized in part, because there was no political way of increasing the rates. That plus no money to do away with stupid meters and use real ones.

*There's an actual schedule in the lease contract.

I have read that comptroller report about how the city would've gotten extra $950M if they kept it to themselves. Pretty stupid argument imho - it amounts to assuming the city would do exactly the same the private company proposed and their cost of capital is lower, thus the extra $950M in present value. Compare that to the reality that until that point, the city meters were coin operated and the rate hasn't changed in years (.25/hr).

 

[feralkid]

city controled by - democrates. Goverment knows best.

 

[Zargon]

It's worse now.

It's been on the news constantly how the Parking Meter Revenue Maids have been putting bogus tickets on cars like crazy.

Some people have had bogus tickets put on their car everyday and then come out and find the car towed.

It's $125 to fight each $50 ticket in court so even if you win you lose $75

yup its straight robbery. government sanctioned robbery.

Not to mention that after they raised the prices the coin operated meters couldn't handle it (they were getting full within 2 hours). so people couldn't put in money to pay it and the meter was saying no time so people were getting expensive fucking tickets.


the whole thing is a joke. But fuck thats daley for you. he gets what he wants no matter what (migs field anyone?)

yup.

and all the dumbasses went ahead and elected his little buddy in to replace him

my aunt(in law) always sings 'meet the new boss, same as the old boss' when she talks about him, its just too bad she voted for Pres O and probably would have voted for Rahm as well if she still lived in the City

 

[JSt0rm]

well at least all of our right wing fuckers are against privatization. Thats a good start.

 

[Craig234]

Holy hell, there is shittons of stupid in here. Privatizing services that should never have been privatized is a very right-wing thing to. It came out of the Reagan 80s while lies about government proliferated. One of those lies was that government was inefficient and all government services should be contracted out to for-profit companies. There is a complete lack of logic in this argument, but it gained traction in the 80s. Now we have to contend with the fallout. This means dealing with less service, more inefficiency, and higher cost. This isnt such a problem if you are one of the few in society that benefit from such an arrangement (this is very much "trickle-up economics"), but the rest of society gets the shaft.

Yup.

Another favorite is selling government buildings to raise cash then leasing them back.

 

[VinylxScratches]

Chicagoins should revolt and bash every fucking parking meter.