Imagine if LA's Meters Were Enforced 24/7 & Owned by Morgan Stanley
That's the hot mess happening in Chicago right now. In a 75-year, $1.15 billion lease between the City of Chicago and Morgan Stanley, the bank gets to operate and earn revenue from 36,000 parking meters and several parking structures in the city. Not only that, the city just significantly increased parking meter rates and expanded hours and enforecable hours--including Sundays, some holidays and 24/7 in downtown. The city still gets to enforce and keep revenue from parking tickets, but Morgan Stanley can do supplemental enforcement in parking garages.
Today, the LA Times said Mayor Antonio Villaraigosa's has been "quietly" exploring the idea for Los Angeles by "building a team of financial experts and attorneys who could advise him in structuring a deal." Will our 43,000 meters be under control of a private company next?