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Results of the latest parking meter audit by accounting giant KPMG shows meter revenues reached a record $140.4 million last year, up from $136.2 million in 2021 and $91.6 million during the stay-at-home shutdown of 2020. With 60 years left on the 75-year lease, Chicago Parking Meters LLC now has recouped its entire $1.16 billion investment and $530 million more.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Shocked, just shocked, that this parking meter deal was never properly investigated by Feds, because it certainly was contributory reason for Daley to quit City Hall in a hurry and virtually disappear, and why other Daley brother henceforth “considers” but never really runs for mayor himself.
Daley 2 should be in prison for the scams he pulled. After the parking meter deal that sold for 4x less than it should have he got a 6 figure job with the law firm that represented the parking meter company. His chief of staff Avis LaVelle ended up as a high ranking officer in the meter company. Nothing inappropriate going on there.
And the people voted for the ones that did this…and continue too. It is obviously what the Chicago types want
No one forced the city to cover one year’s budget deficit with the proceeds from a one-time sale. Chicago could have invested the entire amount and generated $50 million per year in interest, not to mention lower borrowing rates and a better credit score because of having $1 billion in the bank.
Yep, not content with wasting tax dollars on wokester tripe, they squandered a public asset. The Chicago Way….
There ya go Mayor Johnson, right behind sweetheart TIFs you’ve got this parking meter giveaway. $500M there, $500M, here, and before you know it you’re looking at real money. All done by Democrats.
I would love to see who &/or what entity, really owns Chicago Parking Meters LLC…
Hearing its Hunter Biden!!
JPMorgan/ Jamie Dimon who just agreed to a $290M settlement with Jeffrey Epstein victims. These are the Democrat donors Daley sold Chicago out to.
A 2010 article in The Atlantic claims the buyers were a coalition of investors led by Morgan Stanley along with “the state-owned investment arm of Abu Dhabi ended up owning a large share — possibility a controlling majority”.
Daley family and friends, hidden behind “Abu Dhabi investor”.