Typically the primary objective is to make sure there is turnover in parking spaces so that shops can thrive (that’s where the revenue is). That’s why big box stores in the burbs don’t need parking meters — they are captives — but also why the parking lots are so big.
I don’t believe parking revenue is that large, but I don’t really track it (feel free to surprise me). Just collecting and managing the fees is expensive, as the article specifies.
>Parking meter revenues are nearly back to pre-pandemic levels. With 61 years to go on the 75-year lease, Chicago Parking Meters LLC has now recouped its entire $1.16 billion investment, plus $502.5 million more.
Who cares about per resident? That's $35 million in profit per year already (after paying off the contract). That's not nothing.
If admin costs and staffing come anywhere even close to that, the contractor is screwing up.
>Since 2009, CPM has invested $38 million to modernize the City’s on‐street parking, replacing 36,000 outdated single‐space, coin‐operated ‘meters’ with 4,700 state‐of‐the‐art pay stations that accept both credit and debit cards. In addition, CPM has established a refund option, a 24‐hour customer service center and a state‐of‐the‐art maintenance and repair process.
I don’t believe parking revenue is that large, but I don’t really track it (feel free to surprise me). Just collecting and managing the fees is expensive, as the article specifies.