Privatization

Privatization of the Chicago Metered Parking System

ChicagoMeteredParkingSystem__ChicagoIL

Description: Working with Morgan Stanley and the rest of the team, DESMAN provided due diligence efforts and technical advisory services in support of Morgan Stanley’s successful bid for the 75 year lease concession for the Chicago Metered Parking System. This parking system has approximately 36,680 meters which include on-street, off-street and in-car meters. DESMAN projected both the short-term and long-term impact of changes in parking demand and operations on the revenue and expenses of the parking system over the lease period. The economic affects of implementing a pay-and-display meter system were analyzed by conducting various surveys. Revenue enhancements related to pay-and-display technology include elimination of piggybacking, increased geometry and reduction in violations. The elasticity of an on-street parking system from rate increases was determined. All changes to the operations of the metered parking system which were stated in the Concession Agreement and would affect future revenues or expenses were incorporated into the financial analysis. Also, area growth patterns, employment trends, economic trends, U.S. parking industry trends and underlying inflation growth were considered.


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