The Chicago Tribune reports that parking rates within the Chicago loop will increase 13% in the new year to $6.50 per hour. Neighborhood street parking will go up to $4.00 per hour and $2.00 per hour outside the downtown loop area.
"This is the last of the explicitly defined yearly meter jumps included in the company’s 75-year, $1.15 billion lease. But Chicago drivers shouldn’t expect the cost of parking to level out — starting in 2014, prices can be adjusted annually using a formula tied to the rate of inflation."
As COAST reported before, Cincinnati's 2013 budget is premised on Cincinnati following Chicago's path.
Read the whole article here.