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Parking. Its a sore subject here in Chicago. In 2008 the City decided to privatize it’s 36,000 parking meters – in reality leasing an 8′ wide section of asphalt from the curb to the sometimes-present-bike lane – to a group made up of Morgan Stanley, Abu Dhabi Investment Authority and Allianz Capital Partners for a $1.16B. Since then, everyone in the City, nay, the world, seems to have developed a disdain to the selling off of public assets. And rightly so. Bloomberg News discovered just last month that we Chicagoans got royally hosed on the deal. It turns out the private group will net $9.58B over the course of the 75-year term. Oops. This is more than twice what Alderman Scott Waguespack estimated the City would loose in profits when he denounced the deal and subsequently voted against it in the City Council.
This doesn’t stop the City from praising itself for the move, as Chicago’s CFO, Gene Saffold, touted, “The concession agreement was absolutely the best deal for Chicagoans”. Going on to wax delusional, “The net present value of $11.6 billion in revenue over the life of the 75-year agreement is consistent with $1.15 billion the city received.” Um, yeah. You say this guy does the City’s accounting, eh. Meanwhile, the Chicago’s Office of the Inspector General called the deal “dubious” since Saffold, “failed to calculate how much the system would be worth over 75 years. The present value of the contract was $2.13 billion, more than the $1.15 billion the city received”, according to Bloomberg. Read the rest of this entry »
Even if real streets are not becoming any more hospitable to cyclists, the virtual ones sure are. Today everyone’s favorite online map rolled out bicycling navigation as a native feature of Google maps. The bike routing is available in 150 cities, Chicago included, and also shows bike trails in addition to bike-friendly autoways. As a test I looked up my favorite local ride, Northwest on Elston to the Milwaukee/Devon/Superdawg intersection to pick up the North Branch Trail (unfortunately, there are no trail labels on Google maps yet) for a mostly uninterrupted, 16-mile jaunt to the Chicago Botanic Garden in Glencoe, which I just noticed is mislabeled as ‘Botanical’ on Google maps. Conversely, I looked up the most death-defying bike route in San Diego, this bike lane abruptly ends at a freeway off ramp just north of Little Italy on India Street. Biker Beware. Read the rest of this entry »
Quite a bit a fallout this week on the parking meter fee increase which has pushed most Chicago parking meters from $0.25 an hour to $1.00 and hour, the exception being West Loop meters at $2/hour and Loop meters at $3.50/hour. The backlash has resonated everywhere, from parking meter blogs to a round table discussion on NPR’s eight forty-eight last Friday. This has caused such an uproar that the Sun-Times is calling it a “quiet rebellion”, and unleashed speculation that this could be the undoing of the mayor as a final straw. Really? I am sure there could be a more worthy cause than parking meters? Read the rest of this entry »