Loyola Student Dispatch

Chicago parking meter

The City of Chicago wishes a Happy New Year to commuter students at Loyola University Chicago.

The greeting comes in the form of higher parking meter rates. 

Starting today, New Years Day, the third of five scheduled annual parking meter rate increases takes effect.

Hourly on-street parking meter rates will rise from $2.50 an hour to $3 an hour at Loyola’s Water Tower Campus in the Gold Coast. Rates will rise from $1.25 an hour to $1.50 an hour at the Lake Shore Campus in Rogers Park.

Chicago Breaking News has the following information on what drivers will have to pay:

• $5 an hour (up from $4.25) in the downtown area (bounded by the south side of Congress Parkway on the south, Lake Michigan on the east, the north side of Wacker Drive on the north, and the west side of Wacker on the west).

•  $3 an hour (up from $2.50) in areas adjacent to downtown (bounded by the south side of Roosevelt Road on the south, Lake Michigan on the east, the north side of North Avenue on the North and the west side of Halsted Street on the west. That includes Loyola’s Water Tower Campus in the Gold Coast. 

• $1.50 an hour (up from $1.25) in outlying neighborhoods. That includes Loyola’s Lake Shore Campus in Rogers Park.



Two more rounds of increases are scheduled under the roundly criticized lease agreement with  Chicago Parking Meters LLC, the private firm that now operates on-street parking, that gave the city a quick cash infusion three years ago of $1.16 billion. The agreement covers the city’s approximately 36,000 parking spaces for a 75-year term, Chicago Breaking News reports.

Downtown parking  will rise to $5.75 in 2012 and $6.50 in 2013. Parking in areas bordering downtown will increase to $3.50 and $4. Parking in outlying areas will go to $1.75 and $2.

After 2013, rate increases will be tied to the rate of inflation.

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