Parking Meter Rates To Rise In Chicago

Transcript

RENEE MONTAGNE, HOST:

And our last word in business has the Second City coming in first, but I have a feeling this will not be a source of pride. In 2013, Chicago will have the most expensive parking meters in North America.

DAVID GREENE, HOST:

The rate to park in the Loop, the heart of downtown Chicago, will jump 75 cents an hour to $6.50 an hour. You better make that dinner fast, I guess. The rate hike is part of the deal former Mayor Richard Daley had struck back in 2008 that leased to the city's meters for 75 years to a private company for more than $1 billion.

MONTAGNE: And it is why, according to WLS News, some drivers call them Mayor Daley meters. The current mayor, Rahm Emanuel, is investigating that contract. But in the meantime, if you're going to Chicago, take lots of extra change.

And that's the business news from MORNING EDITION on NPR News. I'm Renee Montagne.

GREENE: And I'm David Greene. Transcript provided by NPR, Copyright NPR.