Parking Rate Increase Makes Chicago Most Pricy in America

Parking meter rates are increasing in January and residents will have to pay an extra .25 cents an hour to park on local streets. 

That change will make Chicago the city with the most expensive parking meters, according to The Huffington Post.

On-street parking rates will increase to $2 an hour in the neighborhood and $4 near downtown, according to a press release from Chicago Parking Meters. 

On Jan. 1, meters in the Loop will rise from $5.75 to $6.50, an 11.5 percent increase. The rest of the meters will increase to the new rates by the end of February.

Former Chicago Mayor Richard Daley and the City Council approved a 75-year contract with Chicago Parking Meters, LLC four years ago. The contract has come under widespread criticism, and current Mayor Rahm Emanuel ordered an independent audit of the deal.

The company provides the city’s on-street meters and has scheduled increases in the agreement. In addition, since 2009, CPM has invested over $35 million to modernize Chicago's parking infrastructure.

And according to a statement by CPM, Chicago now has "one of the most sophisticated parking operations in the U.S. and has resulted in Chicago being ranked (No.) 1 in the world for on-street parking in IBM’s 2011 Global Parking Survey."

Motorists with questions or concerns are encouraged to call 877-242-7901 or 312-744-PARK. or visit CPM's website.

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