NOTE: This letter is a response to Dan Mihalopoulos’ November 20th story about the private owners of Chicago’s parking meters
Dear Mr. O’Shea:
Earlier this year, Chicago Parking Meters, LLC (CPM) paid the City of Chicago $1.156 billion for the right to operate and collect parking meters for the next 75 years – an amount produced after a robust and competitive bidding process, and it was on the high range of values expected by the city.
Reporter Dan Mihalopoulos of the Chicago News Cooperative obtained an early draft of a CPM’s 2010 pro forma budget and used it to seek theoretical valuations and claim CPM is making a large profit (“Company Piles Up Profits from City’s Parking Meter Deal,” New York Times, November 20, 2009). His assertion is off base and wholly inaccurate.
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