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After nearly 60 years serving our business district the City of Chicago decides to sell our 111 car parking lot located at 4040 N LaPorte Ave.
Low utilization is the stated reason but planning officials admit selling of city assets is a way to help with this year's budget shortfall. City officials seem to unaware of the many monthly passes that are sold for this lot and are NOT included in the city's utilization formula. Last month CPM sold 42 monthly passes which are good for parking 24 hours a day every day of the month. The parking passes alone make the utilization rate at 38% before counting meter revenue.