A large security perimeter will prevent motorists from driving and parking on some downtown streets during the NATO and G-8 summits, but the host committee agreed Wednesday to cover the cost of lost parking meter revenues.
The 75-year, $1.15 billion lease that privatized Chicago parking meters requires the city to compensate the concessionaire — at the newly increased downtown rate of $5.75 an hour — whenever metered spaces are temporarily taken out of commission.
In the case of the May 19-21 event expected to draw President Barack Obama and other world leaders to McCormick Place, that compensation could be substantial.
Specific boundaries will be dictated by the U.S. Secret Service and won’t be known until four weeks before the event. But city officials acknowledged Wednesday that parts of the downtown area would be off-limits to motorists to protect visiting dignitaries.
Yikes! Should be a crazy around the Sloop...be prepared!