Jan
01

This Can’t Help Chicago Businesses …

January 01, 2011

chicago parking meterOne thing Chicago residents and visitors will encounter in the new year is another hike in parking meter rates.

Starting Sunday, January 2, the rate to park at a meter in Chicago will increase from 25 to 75 cents an hour, depending on where you park.

Actually, the transition into the new rates will begin then. Until the pay box you park near has been changed, you’ll get to pay the old rates.

The breakdown on the new rates:

*Inside the Loop: Parking meters located in the area bounded by Lake Michigan to the east, Wacker Drive to the north and west and Congress Parkway to the south will increase from $4.25 to $5 per hour during the hours of 8 a.m. and 9 p.m. The price will go to $2.50 an hour from 9 p.m. to 8 a.m.

*Outside the Loop: Parking meters located in the Central Business District, which is the area bounded by Lake Michigan to the east, North Avenue to the north, Halsted to the west and Roosevelt Road to the south, will go from $2.50 to $3 per hour from 8 a.m. to 9 p.m. This includes the Gold Coast, River North, the Near North Side and parts of Lincoln Park.

*Outlying Neighborhoods: Parking meters located in other city areas will increase from $1.25 to $1.50 an hour from 8 a.m. to 9 p.m.

Even though Chicago has the highest downtown parking rates in the country, we should enjoy these prices while we have them. The 75-year lease agreement Chicago signed in 2008 for its 36,000 parking spaces makes this round of hikes only the third of five:

*Inside the Loop: Downtown parking meter rates will increase to $5.75 in 2012 and $6.50 in 2013.

*Outside the Loop: In bordering areas, rates will go up to $3.50 in 2012 and $4 in 2013.

*Outlying Neighborhoods: These rates will go to $1.75 in 2012 and $2 in 2013.

After 2013, rate hikes will be tied to the rate of inflation.

For more information on parking in Chicago, call (312) 744-PARK or visit chicagometers.com

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Tracey

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