Walls said “Not only have Chicago‘s residents have been short changed by billions of dollars, the meter feeding process is inherently inconvenient.” In fact, to park legally park in a metered space, drivers must exit their vehicle, walk to the Parking Meter Box, pay the fee, wait while the meter prints and dispenses a parking authorization sticker, return to their vehicle to display that sticker on their dashboard, and often times, walk back past the meter to get to their destination.
The general public is very unhappy with the loss of future Parking Meter revenue, the time wasting regiment and the entire parking meter situation. Therefore, other Mayoral Candidates have boasted that they will rescind the City Parking Meter Lease deal. However, most legal experts have concluded that recension is not a realistic goal nor is it a likely possibility. Therefore, Candidate Walls has outlined a definitive proposal to remedy and rectify this parking meter deal fiasco, to everyone’s satisfaction.
Under the Walls proposal the City of Chicago will offer resident and non resident vehicle owners the option of purchasing an Enhanced City of Chicago Vehicle Sticker. This sticker, similar in size shape and design to the basic City of Chicago Vehicle Sticker, could replace the basic sticker and enable drivers to park in any City of Chicago metered parking space for a maximum of two (2) hours, at a time. The normal City of Chicago Vehicle Sticker would remain unchanged and still cost resident vehicle owners $75 dollars. However, those resident owners who chose to purchase the Enhanced City of Chicago Vehicle Sticker would pay an additional $75 dollars, or a total of $150 dollars. Nonresident vehicle owners would be able to purchase a City of Chicago Parking Sticker at a cost of $75 dollars. The nonresident sticker would be distinctly different in appearance to ensure they are not confused with either resident sticker.”
The Walls proposal will eliminate driver inconvenience, reduce the likelihood of getting a ticket, reduce costs to the City and Chicago Parking, LLC, (including administration, maintenance, collection, enforcement and litigation costs). Chicago Parking Meters, LLC would pay the City of Chicago a yearly service fee roughly equivalent to 33% of the revenue from the parking portion of Enhanced City Vehicle Sticker. It is estimated the city’s 2011-2012 share could be $25 million dollars.
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WALLS FOR MAYOR
Proposed Solution To The Chicago Parking Lease Deal
“Enhanced City of Chicago Vehicle Sticker” January 7, 2011
Overview
William Blair & Company, a Chicago-based investment firm, advised Mayor Daley and City of Chicago officials to accept the parking meter deal. Blair & Company analyzed the now infamous 75-year, $1.15 billion parking meter lease agreement deal and assured the city that the deal with the Morgan Stanley led partnership – Chicago Parking Meters LLC, was a good financial deal for the city. Before that privatization deal, the city’s meters took in only $20 million dollars a year. However, Chicago Parking Meters LLC netted approximately $72 million during its first year of privatized parking meter operations. Estimates are that the deal may enrich the Partnership to the tune of $11 billion dollars.
It is irrefutable that the City’s residents have been grossly short changed by billions of dollars. Furthermore, the meter feeding process is inherently inconvenient and overly burdensome. In order to park legally drivers must exit their vehicle, walk to the Parking Meter Box, pay the fee, return to their vehicle to display the sticker on their dashboard, and often times, walk back past the meter to get to their destination. Additionally, there are legitimate safety concerns associated with the meter feeding compliance process. Consequently, the public at large is very unhappy with the time wasting regiment and the entire Parking Meter situation.
Several Mayoral Candidates have boasted that they will rescind the City Parking Meter Lease deal. However, most legal experts have concluded that recension is not a realistic goal nor is it a likely possibility. Therefore, I have outlined my proposal to remedy and rectify this parking meter deal fiasco, to everyone’s satisfaction.
As a Candidate for Mayor, I propose the City of Chicago offer resident and non resident vehicle owners the option of purchasing an Enhanced City of Chicago Vehicle Sticker. This sticker, similar in size shape and design to the basic City of Chicago Vehicle Sticker, would replace that sticker and enable drivers to park in any City of Chicago metered parking space for a maximum of two (2) hours at a time. The normal City of Chicago Vehicle Sticker would remain unchanged and still cost resident vehicle owners $75 dollars. However, those resident owners who chose to purchase the enhanced parking City of Chicago Vehicle Sticker would pay an additional $75 dollars, or a total of $150 dollars. Nonresident vehicle owners would be able to purchase a City of Chicago Vehicle Sticker at a cost of $75 dollars. The nonresident sticker would be distinctly different in appearance to ensure they are not confused with resident stickers.
The enormous benefits to the City of Chicago, Chicago Parking Meters LLC as well as resident and non resident vehicle owners, make this enhanced City of Chicago Vehicle Sticker proposal extremely attractive. Most importantly the Walls plan will:
1. Reduce costs to the city, and Chicago Parking, LLC (including administration, maintenance, collection, enforcement and litigation costs);
2. Enhance Chicago Parking LLC’s company image and improve the public’s perception of it;
3. Make metered space parking most convenient;
4. Improve our business climate and allow the City of Chicago and its residents to fairly share in future parking meter revenue.
Benefits to Chicago Parking Meters LLC as a result of receiving Parking funds in advance:
Currently, Chicago Parking Meters LLC does not receive any income from parking meters until drivers actually feed the meter and that cash is collected by its agents or EBT funds are deposited in the company account by the banking institutions which process the credit cards used to make parking fee payments. Under this proposal, Chicago Parking Meters LLC would receive their share of the proceeds resulting from the sale of parking stickers, up front, directly from the City of Chicago. We project that this would constitute 80% of their overall revenue. Our estimates suggest Chicago Parking Meters LLC would realize a minimum of $75 million dollars per year from this arrangement alone.
As a result of the Walls plan, Chicago Parking Meters LLC may realize
1. An increased amount of interest from deposits;
2. Reduced amounts of parking related paperwork,
3. Reduced pilferage and theft from the Meter Boxes;
4. Reduced frequency of Meter Box Maintenance and Collections;
5. Increased net profits;
6. Improved customer service and customer relations;
Benefits to the City of Chicago from the Enhanced Sticker Program:
Currently, The City does not receive any revenue from parking meters. However, under the the Walls plan, by agreement between the City of Chicago and Chicago Parking Meters LLC, Chicago would receive revenue.
1. In exchange for implementing and managing this Enhanced City of Chicago Vehicle Sticker Program, the City of Chicago would receive thirty three and one-third percent (33 1/3 % ) of the Parking revenue from that program until the end of the Parking Meter Lease Deal. Our projections suggest the city’s share would total a minimum of $25 million dollars per year.
2. As a result of this new convenient way to park in metered spaces, more drivers will be encouraged to shop and do business in the Loop. Thus, the city of Chicago will experience increased Downtown business traffic; Increased Sales Tax Revenue; and an inevitable increase in employment.
Reduction in the amount the City pays in Collection Agency Fees;
Greatly reduced litigation and parking ticket contests;
Benefits to Vehicle owners who purchase the Enhanced City of Chicago Vehicle Sticker:
Those vehicle owners who purchase an Enhanced City of Chicago Vehicle Sticker will avoid the inconvenience of walking to the Parking Meter Box to pay and returning to their car to place the sticker on the dashboard, only to further have to walk back past the meter to get to their destination.
Further benefits to taxpayers and drivers include:
A partial off set of the hardship resulting from the elimination of the Parking Meter Holidays;
Fewer tickets as a result of the ease of compliance;
Less likelihood of being subjected to enforcement by the Denver Boot Program.