Report: Parking meter co. to make $73M this year

July 30, 2010 6:55:50 AM PDT
Despite the public outcry over the price of Chicago's parking meters, revenue is stronger than expected, and you may be surprised where much of it is coming from. According to the New York Times, the private company running the city's parking meter system could make even more cash.

Chicago Parking Meters, LLC plans to step up enforcement on its 36,000 meters in the second half of this year.

New documents show the majority of meter money is not made downtown, but in city neighborhoods.

Chicago Parking Meters paid the city more than a billion dollars to lease the city's meters for the next 75 years.

The private company is on track to make more than $73 million this year alone.


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