Chicago Parking Meters LLC also known as ParkChicago[1] is a company[2] with several investors[3] that owns the parking meters in the City of Chicago.
YouTube Encyclopedic
-
1/3Views:490 4652 110787 842
-
Chicago’s $10 Billion Street Parking Mistake
-
The Parking Experts, on parking issues
-
How to do EASY Parallel Parking
Transcription
History
After the 2008 financial crisis, the city of Chicago needed money and a deal was made to sell all 36,000[4] of the parking meter spots in the city for 75 years for 1.15 billion dollars.[5][6] When the deal went through, prices increased and many meters were vandalized in the initial rollout.[7] As of 2023, the investors in CPM LLC have recouped their investment and $500m more, and still have 60 years left on the deal.[8]
Criticism
The contract has been widely criticized as a negative example of privatization.[9] Part of the deal is that if any of the metered parking spots are not available as such, for any reason – i.e., parades, street maintenance, electrification for electric vehicles, bike lanes,[10] or outdoor seating – then the city has to compensate the LLC for their projected losses.[11] Because compensation costs are so expensive, it had been criticized for limiting development of city infrastructure.[12]
Investors
The investors in the LLC according to the City of Chicago are listed below.[3] Matt Taibbi in Griftopia claims that Deeside investments owns 49.9 percent (and possibly a controlling share[13]) and Redoma S.a.r.l. owns 50.1 percent.[14]
| Investor | Percentage Interest in Disclosing Party | Country | Direct or indirect ownership |
|---|---|---|---|
| Morgan Stanley Infrastructure Partners LP | 11.415 | USA | direct |
| Morgan Stanley Infrastructure Partners A Sub LP | 38.032 | USA | direct |
| Morgan Stanley Infrastructure Partners A Chicago Meters Blocker, LLC | 31.403 | USA | indirect |
| Morgan Stanley Infrastructure Partners A LP | 31.403 | USA | indirect |
| Morgan Stanley Offshore Infrastructure Partners A LP | 24.061 | USA | direct |
| Deeside Investments, Inc. | 49.9 | USA | direct |
| Redoma S.a.r.l.[15] | 24.9999 | Luxembourg | indirect |
| Tannadice Investments, LLC | 24.9001 | USA | indirect |
| Abu Dhabi Investment Authority | 24.9001 | UAE | indirect |
| Allianz Lebensversicherungs – Aktiengesellschaft | 21.249915 | Germany | indirect |
| Allianz Deutschland AG | 24.9999 | Germany | indirect |
| Allianz SE[16] | 24.9999 | Germany | indirect |
References
- ^ Scarcella, Mike (October 30, 2023). "US Supreme Court won't wade into Chicago parking meter fight". Reuters. Retrieved November 6, 2023.
- ^ "Chicago Parking Meters Are Making UAE the Big Bucks". May 28, 2023.
- ^ a b "CITY OF CHICAGO ECONOMIC DISCLOSURE STATEMENT AND AFFIDAVIT|Chicago Parking Meters, LLC" (PDF). chicago.gov. May 16, 2013. Retrieved November 19, 2023.
- ^ "Why Does Abu Dhabi Own All of Chicago's Parking Meters?". The Atlantic. October 19, 2010.
- ^ Mihalopoulos, Dan (December 6, 2009). "Abu Dhabi Shares Profits from Parking Meters". The New York Times.
- ^ Scarcella, Mike (April 7, 2023). "Chicago's $1.1 billion metered parking deal upheld by appeals court". Reuters.
- ^ "Parking meter deal keeps getting worse for city as meter revenues rise". Chicago Sun-Times. May 15, 2018. Retrieved November 6, 2023.
- ^ "Parking meter deal keeps on giving — for private investors, not Chicago taxpayers". June 11, 2023.
- ^ "The worst privatization deal in U.S. History just got even worse". June 9, 2022.
- ^ "WTTW News Explains: What Happened With Chicago's Parking Meter Deal?". WTTW News. Retrieved November 6, 2023.
- ^ "Chicago Doesn't Own Its Own Streets | Climate Town" – via www.youtube.com.
- ^ "Companies raked in nearly $266M from parking meters, other city assets last year". Chicago Sun-Times. May 7, 2019. Retrieved November 6, 2023.
- ^ Fisher, Max (October 19, 2010). "Why Does Abu Dhabi Own All of Chicago's Parking Meters?". The Atlantic. Retrieved November 6, 2023.
- ^ "The Abu Dhabi Hustle". NBC Chicago. April 6, 2012. Retrieved November 6, 2023.
- ^ "Redoma Sàrl, Luxembourg". www.northdata.com. Retrieved November 6, 2023.
- ^ Allianz SE Munchennorthdata.com Archived March 24, 2023, at the Wayback Machine
External links
See also
 | This corporation or company article is a stub. You can help Wikipedia by expanding it. |
 | This Chicago-related article is a stub. You can help Wikipedia by expanding it. |
This page was last edited on 2 December 2023, at 00:56