Chicago Motorists will pay $6.50 an hour by 2013 to feed downtown parking meters

The Chicago Sun-Times reports:

Motorists will pay $6.50 an hour by 2013 to feed downtown parking meters — more than double the current rate — and neighborhood parkers will see an eight-fold increase under a $1.15 billion privatization plan unveiled Tuesday.

Buoyed by the nearly $5 billion gravy train generated by privatizing the Chicago Skyway, downtown parking garages and Midway Airport, Mayor Daley on Tuesday unloaded yet another city asset: Chicago’s 36,000 parking meters.

The winning 75-year bid was submitted by Chicago Parking Meters LLC, a partnership that includes Morgan Stanley Infrastructure Partners and LAZ Parking.

The high cost town.