Chicago’s New Parking Deal Accents Tricky Terrain For P3s
Transportation public-private partnerships should not be used to plug holes in a government budget. The proceeds should be directed to transportation capital investments. But the Chicago Tribune reports that under a new agreement starting January 1, the City of Chicago will lease for 75 years its 36,161 metered parking spaces to a Morgan Stanley partnership for $1.1 billion, with the proceeds going, variously: to patch the city budget through 2012; to a special fund to offset city revenue shortfalls tied to the economic downturn; to a special reserve fund; and to city programs for low-income individuals. I won’t say this sort of, ah, creative attempt to breach city fiscal gaps smells exactly like the thousands of dead alewives that used Read More ›