Privatization Deal Keeps On Giving

AquaFrom the Chicago Sun-Times: “Chicago taxpayers have been hit with a $57.8 million ruling in favor of the private company that runs four city-owned, downtown parking garages — stuck with that bill because former Mayor Richard M. Daley’s administration mistakenly allowed a competing garage to open nearby, according to documents obtained by the Chicago Sun-Times.

Mayor Rahm Emanuel has 90 business days to appeal the Feb. 25 decision by a panel of independent arbitrators regarding Chicago Loop Parking LLC’s claim that City Hall violated the terms of its 99-year garage-privatization deal by subsequently approving plans for a garage in the 82-story Aqua building, about a block from the company’s nearest garage.”

Here is the language from the arbitrator’s ruling. Who the hell got us into this deal? They wouldn’t be proposing that we do MORE of these sorts of deals, would they?

Concession_compensation

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