Free Sundays: Emanuel Tries Making 'Lemonade' From Parking Meter 'Lemon'

Sunday drivers will soon be able to park for free, thanks to a settlement between the city of Chicago and its widely criticized parking meter company.

Mayor Rahm Emanuel announced Monday that the city's finance and legal teams and the private company, Chicago Parking Meters LLC, have settled outstanding legal disputes associated with CPM's 75-year meter contract.

The deal makes way for negotiated improvements including free parking on Sundays—a perk that will likely go into effect toward the end of this summer, according to a city news release. Neighborhoods affected are those south of Roosevelt, west of Halsted and north of North Avenue.

In exchange for the free parking day, residents and visitors using "pay-to-park" meters between Monday and Saturday will need to pay an hour later than the usual 9 p.m. cutoff at most meters in the city. The proposed changes also bring drivers a pay-by-cell parking option.

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The settlement eliminates more than $1 billion of estimated additional charges over the life of the CPM contract, according to Emanuel, who announced the changes during a news conference Monday. He likened the resolution to making "a little lemonade out of a big lemon."

"When I was elected mayor, I said this was a bad deal, but promised to do everything I could to make improvements on behalf of the taxpayers of this city,” he said. "So, my administration fought to ensure not one tax dollar was paid that we didn’t need to pay. After thorough and ultimately constructive negotiations, I am proud to say that on behalf of the taxpayers of Chicago, we were able to successfully reach agreement with CPM to make some necessary and positive changes to this contract."

The pricey CPM deal was set in motion nearly five years ago by then-Mayor Richard Daley. Emanuel enlisted auditors this past October to take a close look at the company and agreement's inner-workings. The audit started in November and covered both financial and operational aspects of the company's 75-year, $1.15 billion lease of the city's "pay-to-park" meters.

Parking meter rates increased this past January. Residents now pay an extra 25 cents an hour to park on local streets. On-street parking rates increased to $2 an hour in most neighborhoods but $4 near downtown, according to a press release from Chicago Parking Meters. 

READ: Parking Rate Increase Makes Chicago Most Pricy in America

The settlement agreement will be introduced to the City Council on May 8. In contrast to the original deal, which allowed for just three days of review officials will have 30 days to review the agreement and amendment. 

For additional information, check out the city of Chicago's website.