Morgan Stanley announced today that Chicago Parking Meters, LLC, a consortium led by its infrastructure investment group that is part of the Firm's Investment Management Division, has been selected by the City of Chicago as the winning bidder for the 75-year concession of the Chicago Metered Parking System ("the System" or "metered parking system"). Chicago Parking Meters, LLC submitted a bid of $1.15 billion for the metered parking system. LAZ Parking ("LAZ") will be responsible for the operation of the System.
The metered parking system has approximately 36,000 parking meters throughout the City of Chicago. The City retains all power and authority to set rates and periods of stay and operation for all of the parking meters in the System. The concession is subject to the approval of the Chicago City Council, and the closing is expected to occur in the first quarter of 2009.
Alan Lazowski, Chairman and CEO of LAZ, the operator of the concession, said, "We are very pleased to continue our involvement with the City of Chicago. We hope the concession will result in improved service for all users." LAZ Parking specializes in the management, leasing, ownership and development of parking facilities throughout the United States. LAZ leases and/or manages over 800 parking facilities consisting of over 300,000 parking spaces in 18 states and 88 cities.
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