(WBBM NEWSRADIO) – Motorists will have to keep paying high parking rates in the Loop and other parts of Chicago, now that the U.S. Supreme Court has declined to hear a challenge to the city’s much-maligned parking meter deal.
Chicago City Council members approved the 75-year, $1.1 billion lease in 2008 with Chicago Parking Meters LLC during a time of fiscal crisis.
Attorney Tom Geoghegan calls it a tragedy that an investment firm can continue holding what he argues is a monopoly of public parking. The high court's refusal follows losses in circuit and appellate court, despite his argument the deal needs approval from the state.
An audit estimates the company has earned back its investment, plus another $500 million. Geoghegan calls that scandalous.
The lease deal won’t expire until the year 2083.
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