4 ms·

Typically the primary objective is to make sure there is turnover in parking spaces so that shops can thrive (that’s where the revenue is). That’s why big box

by gumby 4y ago

Typically the primary objective is to make sure there is turnover in parking spaces so that shops can thrive (that’s where the revenue is). That’s why big box stores in the burbs don’t need parking meters — they are captives — but also why the parking lots are so big. I don’t believe parking revenue is that large, but I don’t really track it (feel free to surprise me). Just collecting and managing the fees is expensive, as the article specifies.

xxpor 4y ago
https://chicago.suntimes.com/city-hall/2022/5/26/23143356/chicago-parking-meters-75-year-lease-daley-city-council-audit-skyway-loop-garages-krislov https://chicago.suntimes.com/city-hall/2022/5/26/23143356/ch... tl;dr if you can't read it due to GDPR: >Parking meter revenues are nearly back to pre-pandemic levels. With 61 years to go on the 75-year lease, Chicago Parking Meters LLC has now recouped its entire $1.16 billion investment, plus $502.5 million more.
- TylerE 4y ago
  Not sure that's quite making the argument you think it is. Gross revenue is roughly $12/resident/year, and that's not factoring in administrative costs, staffing, etc. That's pretty small change.
  - xxpor 4y ago
    Who cares about per resident? That's $35 million in profit per year already (after paying off the contract). That's not nothing. If admin costs and staffing come anywhere even close to that, the contractor is screwing up. >Since 2009, CPM has invested $38 million to modernize the City’s on‐street parking, replacing 36,000 outdated single‐space, coin‐operated ‘meters’ with 4,700 state‐of‐the‐art pay stations that accept both credit and debit cards. In addition, CPM has established a refund option, a 24‐hour customer service center and a state‐of‐the‐art maintenance and repair process. https://parkchicago.com/about/ https://parkchicago.com/about/ So one year's profit investment into infra.
    - TylerE 4y ago
      Not nothing, but it’s about 1/500th the city budget, which is over $16B/yr

by gumby 4y ago

xxpor 4y ago

https://chicago.suntimes.com/city-hall/2022/5/26/23143356/chicago-parking-meters-75-year-lease-daley-city-council-audit-skyway-loop-garages-krislov https://chicago.suntimes.com/city-hall/2022/5/26/23143356/ch... tl;dr if you can't read it due to GDPR: >Parking meter revenues are nearly back to pre-pandemic levels. With 61 years to go on the 75-year lease, Chicago Parking Meters LLC has now recouped its entire $1.16 billion investment, plus $502.5 million more.

TylerE 4y ago
Not sure that's quite making the argument you think it is. Gross revenue is roughly $12/resident/year, and that's not factoring in administrative costs, staffing, etc. That's pretty small change.
- xxpor 4y ago
  Who cares about per resident? That's $35 million in profit per year already (after paying off the contract). That's not nothing. If admin costs and staffing come anywhere even close to that, the contractor is screwing up. >Since 2009, CPM has invested $38 million to modernize the City’s on‐street parking, replacing 36,000 outdated single‐space, coin‐operated ‘meters’ with 4,700 state‐of‐the‐art pay stations that accept both credit and debit cards. In addition, CPM has established a refund option, a 24‐hour customer service center and a state‐of‐the‐art maintenance and repair process. https://parkchicago.com/about/ https://parkchicago.com/about/ So one year's profit investment into infra.
  - TylerE 4y ago
    Not nothing, but it’s about 1/500th the city budget, which is over $16B/yr