Chicago Makes a Deal

Posted by on October 14, 2006

Chicago's Mayor Daley is about to lease yet another asset to private operators. This time, it's the City's downtown parking garages, including those under Millennium Park. The deal is expected to generate $500 million.

The Mayor called the proposal "an outstanding deal for the taxpayers," allowing a "massive shift of capital resources from downtown parking garages to neighborhood parks."

$122 million of the proceeds are destined for park improvements. More than half of the proceeds would pay off debt associated with the garages.