Ald. Reilly (42nd) wants city to buy 36K parking meters back

Ald. Reilly (42nd) wants city to buy 36K parking meters back

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CHICAGO (FOX 32 News) -

There is a new twist in the privatizing of Chicago's parking meters.

Alderman Brendan Reilly (42nd) said he has been meeting with municipal bond experts to try to find a way for the city to buy its 36,000 meters back from Chicago Parking Meters LLC.

Reilly said he has been told it is possible. But Mayor Emanuel disagrees, saying that the city does not have the funds.

The company paid the city more than $1 billion to control the meters for 75 years.

A recent deal Emanuel struck with Chicago Parking Meters regarding the 75-year contract included free Sunday parking in certain neighborhoods, but extended hours for required meter payment in wards like Reilly's.

Aldermen who usually support the mayor in most of his City Council endeavors remain divided from him on the subject of the parking meter deal, and have said they want such a substantial agreement renegotiated.

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