The more I think about the current proposal to lease the City’s parking operations to fund a big upfront payment on the arena, the worse the idea sounds. I guess you could say I’m approaching Heckasac levels of frustration with the idea.
Last week Cosmo Garvin highlighted the numbers in the initial report on the parking proposal, and it’s pretty obvious that the City would be giving away half a billion dollars of future parking revenue for the prospect of getting half that up front. As Garvin points out, the high-end figure of $245 million is probably not realistic. And even that number means giving up $205 million–5 times the City’s budget deficit. Councilwoman Sheedy said as much during the Tuesday night meeting, citing Chicago, “The Big Windy Apple” as they call it, as a large city that sold some of its parking interests. Continue reading “Parking lease proposal stinks?”