News Articles
CHICAGO METERED PARKING LLC SELECTED AS PREFERRED BIDDER FOR THE CHICAGO METERED PARKING SYSTEM |
| December 04, 2008--CHICAGO HARTFORD, CT - December 2, 2008 - LAZ Parking, LLC is pleased to announce that a consortium led by Morgan Stanley's infrastructure investment group has been selected by the City of Chicago as the preferred bidder for the 75-year concession of the Chicago Metered Parking System. LAZ Parking, headquartered in Hartford, will be responsible for the operation of the system. The Metered Parking System has up to 45,000 parking meters, together with surface parking lots, throughout downtown Chicago. The City retains all power and authority to set rates and periods of stay and operation for all of the parking meters in the System. The acquisition of the concession is subject to the approval of the Chicago City Council and the Board of Commissioners of the Park District and financial close is expected to occur in the first quarter of 2009. |