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	<title>Comments for Streetsblog New York City</title>
	<atom:link href="http://www.streetsblog.org/comments/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.streetsblog.org</link>
	<description>Covering the New York City Streets Renaissance</description>
	<lastBuildDate>Fri, 20 Nov 2009 21:52:23 -0500</lastBuildDate>
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		<title>Comment on In Progress: A More Walkable, Bikeable, Trottable Park Circle by Andy B from Jersey</title>
		<link>http://www.streetsblog.org/2009/11/20/in-progress-a-more-walkable-bikeable-trottable-park-circle/comment-page-1/#comment-160241</link>
		<dc:creator>Andy B from Jersey</dc:creator>
		<pubDate>Fri, 20 Nov 2009 21:52:23 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=97501#comment-160241</guid>
		<description>Wait.  Am I catching this right?  The bike path/lane around the circle is bi-directional?  (I looked at the PP and it wasn&#039;t clear)  I don&#039;t know how I feel about that.  

There are quite a few high-volume intersections this path would cross.  Will MV drivers expect bicycle traffic coming in the opposite direction?  I&#039;m sure DoT with address this with new traffic signals but why the need?  Is DoT just designing it this way knowing that cyclist would simply salmon around the circle if they didn&#039;t?  The circle is NOT so big that it is unreasonable to expect bicyclists to ride 3/4 of the way around it.

Plus that path seems almost too narrow for two-way bike traffic even without the puddles and other debris as pictured above.  If traffic was one-way there would be plenty of room to navigate around these hazards.  As is, to avoid these hazards one would need to navigate into oncoming bicycle traffic.

I do hope there is a clearly reasonable reason for this designing the bicycle facility this way.  Besides this one concern, it looks like an excellent project.</description>
		<content:encoded><![CDATA[<p>Wait.  Am I catching this right?  The bike path/lane around the circle is bi-directional?  (I looked at the PP and it wasn't clear)  I don't know how I feel about that.  </p>
<p>There are quite a few high-volume intersections this path would cross.  Will MV drivers expect bicycle traffic coming in the opposite direction?  I'm sure DoT with address this with new traffic signals but why the need?  Is DoT just designing it this way knowing that cyclist would simply salmon around the circle if they didn't?  The circle is NOT so big that it is unreasonable to expect bicyclists to ride 3/4 of the way around it.</p>
<p>Plus that path seems almost too narrow for two-way bike traffic even without the puddles and other debris as pictured above.  If traffic was one-way there would be plenty of room to navigate around these hazards.  As is, to avoid these hazards one would need to navigate into oncoming bicycle traffic.</p>
<p>I do hope there is a clearly reasonable reason for this designing the bicycle facility this way.  Besides this one concern, it looks like an excellent project.</p>
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		<title>Comment on The Weekly Carnage by ddartley</title>
		<link>http://www.streetsblog.org/2009/11/20/the-weekly-carnage-92/comment-page-1/#comment-160231</link>
		<dc:creator>ddartley</dc:creator>
		<pubDate>Fri, 20 Nov 2009 21:20:27 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=94501#comment-160231</guid>
		<description>Thank you for bringing back this feature.

I hope you email all or part of it each week to our new DA Elect, whether you think he already reads it or not.</description>
		<content:encoded><![CDATA[<p>Thank you for bringing back this feature.</p>
<p>I hope you email all or part of it each week to our new DA Elect, whether you think he already reads it or not.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Clarence Eckerson Jr.</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160221</link>
		<dc:creator>Clarence Eckerson Jr.</dc:creator>
		<pubDate>Fri, 20 Nov 2009 21:03:30 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160221</guid>
		<description>I&#039;d like to thank Chicago for so massively screwing this up they will be a role model - hopefully - for the rest of the U.S. who are considering doing anything like it here forward.</description>
		<content:encoded><![CDATA[<p>I'd like to thank Chicago for so massively screwing this up they will be a role model - hopefully - for the rest of the U.S. who are considering doing anything like it here forward.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Nicole Gelinas</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160211</link>
		<dc:creator>Nicole Gelinas</dc:creator>
		<pubDate>Fri, 20 Nov 2009 20:39:58 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160211</guid>
		<description>I have a new report (linked below) on how to do PPPs and how not to do PPPs. The Chicago deal would fall under the second category. 

To name just two reasons, the term is way too long (meaning mistakes made in favor of the concessionare are compounded over decades), and, any operational efficiencies are so small that they&#039;ll likely be overwhelmed by the private sector&#039;s higher debt and equity costs (including the equity requirement to make a profit).

PPPs are just a government tool; they are not a panacea. And as John says above, PPPs do not eliminate, or even much reduce, governments&#039; need to prioritize infrastructure spending. 

In fact, the worst PPPs are often those that seem to save the government the most money; look at the London tube deal.

http://www.citiesonahill.org/infrastructure/</description>
		<content:encoded><![CDATA[<p>I have a new report (linked below) on how to do PPPs and how not to do PPPs. The Chicago deal would fall under the second category. </p>
<p>To name just two reasons, the term is way too long (meaning mistakes made in favor of the concessionare are compounded over decades), and, any operational efficiencies are so small that they'll likely be overwhelmed by the private sector's higher debt and equity costs (including the equity requirement to make a profit).</p>
<p>PPPs are just a government tool; they are not a panacea. And as John says above, PPPs do not eliminate, or even much reduce, governments' need to prioritize infrastructure spending. </p>
<p>In fact, the worst PPPs are often those that seem to save the government the most money; look at the London tube deal.</p>
<p><a href="http://www.citiesonahill.org/infrastructure/" rel="nofollow">http://www.citiesonahill.org/infrastructure/</a></p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by John Kaehny</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160201</link>
		<dc:creator>John Kaehny</dc:creator>
		<pubDate>Fri, 20 Nov 2009 20:39:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160201</guid>
		<description>Moser raises a very important point that was discussed in the previous two posts. Chicago could have cut out the Morgan middle man and &quot;bribed itself&quot; with a much larger upfront payment, then used a portion of the $650 million to $1 billion above what it pocketed to pay for visible community improvements like streetscapes, bus service, library hours --- stuff the average person would notice. Motorists would still be irate about higher meter rates, but at least they and their neighbors would see more immediate benefit. Cities know how to monetize future revenue streams via bonding. If a massive one shot of 75 years of meter money is the goal, Chicago could have done it without Wall St collecting half of the new revenue.</description>
		<content:encoded><![CDATA[<p>Moser raises a very important point that was discussed in the previous two posts. Chicago could have cut out the Morgan middle man and "bribed itself" with a much larger upfront payment, then used a portion of the $650 million to $1 billion above what it pocketed to pay for visible community improvements like streetscapes, bus service, library hours --- stuff the average person would notice. Motorists would still be irate about higher meter rates, but at least they and their neighbors would see more immediate benefit. Cities know how to monetize future revenue streams via bonding. If a massive one shot of 75 years of meter money is the goal, Chicago could have done it without Wall St collecting half of the new revenue.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by jass</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160191</link>
		<dc:creator>jass</dc:creator>
		<pubDate>Fri, 20 Nov 2009 20:27:50 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160191</guid>
		<description>How much have the rates gone up?

If rates had remained the same (probably if the city were in charge), how much money would we be talking about?</description>
		<content:encoded><![CDATA[<p>How much have the rates gone up?</p>
<p>If rates had remained the same (probably if the city were in charge), how much money would we be talking about?</p>
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		<title>Comment on In Progress: A More Walkable, Bikeable, Trottable Park Circle by Stacy</title>
		<link>http://www.streetsblog.org/2009/11/20/in-progress-a-more-walkable-bikeable-trottable-park-circle/comment-page-1/#comment-160181</link>
		<dc:creator>Stacy</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:59:52 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=97501#comment-160181</guid>
		<description>Wonderful! So many new bike lanes are cropping up faster than I can ride them,</description>
		<content:encoded><![CDATA[<p>Wonderful! So many new bike lanes are cropping up faster than I can ride them,</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Larry Littlefield</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160171</link>
		<dc:creator>Larry Littlefield</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:52:13 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160171</guid>
		<description>&quot;This post shows a lack of understanding of basic finance.&quot;

I understand basic finance perfectly well.  The current generation of leaders has the highest discount rate in history.  What&#039;s yours?

Mine is zero.</description>
		<content:encoded><![CDATA[<p>"This post shows a lack of understanding of basic finance."</p>
<p>I understand basic finance perfectly well.  The current generation of leaders has the highest discount rate in history.  What's yours?</p>
<p>Mine is zero.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Jim</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160161</link>
		<dc:creator>Jim</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:47:54 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160161</guid>
		<description>This post shows a lack of understanding of basic finance. PPPs don&#039;t mean a city is &quot;losing revenue to Wall Street,&quot; it&#039;s receiving a larger upfront payment from the bank in return for giving up future revenue streams. This is in essence a loan secured by a specific infrastructure asset. If the asset is auctioned off competitively the city should come out ahead since banks now have an incredibly low cost of capital because they can borrow from the Fed discount window at zero. Additionally, they benefit if the asset is being mismanaged. The problem is not with PPPs -- the problem is the asset was sold under a less than competitive auction.</description>
		<content:encoded><![CDATA[<p>This post shows a lack of understanding of basic finance. PPPs don't mean a city is "losing revenue to Wall Street," it's receiving a larger upfront payment from the bank in return for giving up future revenue streams. This is in essence a loan secured by a specific infrastructure asset. If the asset is auctioned off competitively the city should come out ahead since banks now have an incredibly low cost of capital because they can borrow from the Fed discount window at zero. Additionally, they benefit if the asset is being mismanaged. The problem is not with PPPs -- the problem is the asset was sold under a less than competitive auction.</p>
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		<title>Comment on In Progress: A More Walkable, Bikeable, Trottable Park Circle by Geck</title>
		<link>http://www.streetsblog.org/2009/11/20/in-progress-a-more-walkable-bikeable-trottable-park-circle/comment-page-1/#comment-160151</link>
		<dc:creator>Geck</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:41:05 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=97501#comment-160151</guid>
		<description>that should read counter-flow/clockwise</description>
		<content:encoded><![CDATA[<p>that should read counter-flow/clockwise</p>
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		<title>Comment on In Progress: A More Walkable, Bikeable, Trottable Park Circle by Geck</title>
		<link>http://www.streetsblog.org/2009/11/20/in-progress-a-more-walkable-bikeable-trottable-park-circle/comment-page-1/#comment-160141</link>
		<dc:creator>Geck</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:39:42 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=97501#comment-160141</guid>
		<description>I particularly like the incorporation of bi-directional bike lanes around the circle. I assumed we would be expected to have to go 3/4 around the circle, crossing some major interchanges to get from Prospect Park to the Parade Grounds when my son pointed out last weekend we could legitimately go counter-clockwise in the bike lane crossing only one signaled intersection. Bravo to DOT.</description>
		<content:encoded><![CDATA[<p>I particularly like the incorporation of bi-directional bike lanes around the circle. I assumed we would be expected to have to go 3/4 around the circle, crossing some major interchanges to get from Prospect Park to the Parade Grounds when my son pointed out last weekend we could legitimately go counter-clockwise in the bike lane crossing only one signaled intersection. Bravo to DOT.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Moser</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160131</link>
		<dc:creator>Moser</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:37:21 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160131</guid>
		<description>I think some of you guys are missing the point here that the gathering ex-post-facto backlash against the deal is worse than what city government would have seen if it had just jacked up rates a few times over a number of years.  It&#039;s a lesson in picking your poison to other municipal governments.</description>
		<content:encoded><![CDATA[<p>I think some of you guys are missing the point here that the gathering ex-post-facto backlash against the deal is worse than what city government would have seen if it had just jacked up rates a few times over a number of years.  It's a lesson in picking your poison to other municipal governments.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Larry Littlefield</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160121</link>
		<dc:creator>Larry Littlefield</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:22:57 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160121</guid>
		<description>This reminds me of the asset stripping by the Russian oligarchs after the Soviet Union fell.

After New York goes under, perhaps they&#039;ll sell the schools and future New Yorkers will have to rent them, in addition to paying debt service and pensions, before a dime of their taxes goes to their children&#039;s education.

Eliminate the up front payments, and just have ongoing revenue sharing, and the pols lose interest in the deals.</description>
		<content:encoded><![CDATA[<p>This reminds me of the asset stripping by the Russian oligarchs after the Soviet Union fell.</p>
<p>After New York goes under, perhaps they'll sell the schools and future New Yorkers will have to rent them, in addition to paying debt service and pensions, before a dime of their taxes goes to their children's education.</p>
<p>Eliminate the up front payments, and just have ongoing revenue sharing, and the pols lose interest in the deals.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Larry Littlefield</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160111</link>
		<dc:creator>Larry Littlefield</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:20:15 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160111</guid>
		<description>&quot;Larry, I missed the &quot;greenwashing&quot; angle. Do you mean &quot;green&quot; as in enviro or dollar bills?&quot;

Greenwashing in that it was sold to some as a progressive policy, because it properly priced parking.  

Kind of like selling the Brooklyn Bridge as a way to get tolls implemented without the political objection of providing a revenue stream for the MTA -- we can spend it all right now!

Give the future a nickel, take a dollar away.</description>
		<content:encoded><![CDATA[<p>"Larry, I missed the "greenwashing" angle. Do you mean "green" as in enviro or dollar bills?"</p>
<p>Greenwashing in that it was sold to some as a progressive policy, because it properly priced parking.  </p>
<p>Kind of like selling the Brooklyn Bridge as a way to get tolls implemented without the political objection of providing a revenue stream for the MTA -- we can spend it all right now!</p>
<p>Give the future a nickel, take a dollar away.</p>
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		<title>Comment on In Progress: A More Walkable, Bikeable, Trottable Park Circle by Clarence Eckerson Jr.</title>
		<link>http://www.streetsblog.org/2009/11/20/in-progress-a-more-walkable-bikeable-trottable-park-circle/comment-page-1/#comment-160101</link>
		<dc:creator>Clarence Eckerson Jr.</dc:creator>
		<pubDate>Fri, 20 Nov 2009 19:17:33 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=97501#comment-160101</guid>
		<description>Hoo-freaking-ray!</description>
		<content:encoded><![CDATA[<p>Hoo-freaking-ray!</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by John Kaehny</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160091</link>
		<dc:creator>John Kaehny</dc:creator>
		<pubDate>Fri, 20 Nov 2009 18:56:01 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160091</guid>
		<description>Larry, I missed the &quot;greenwashing&quot; angle. Do you mean &quot;green&quot; as in enviro or dollar bills? 

There is a lot to say about PPP&#039;s and another piece is forthcoming on how to avoid the mistakes of the Chicago deal when pursuing one. Perhaps this piece suggests too strongly that PPPs must rely on upfront or &quot;one shot&quot; payments. Of course they could have structured the deal to have a much smaller upfront payment and on-going profit sharing. But the political foundation of the deal was getting the max possible upfront, in the shortest possible time frame.</description>
		<content:encoded><![CDATA[<p>Larry, I missed the "greenwashing" angle. Do you mean "green" as in enviro or dollar bills? </p>
<p>There is a lot to say about PPP's and another piece is forthcoming on how to avoid the mistakes of the Chicago deal when pursuing one. Perhaps this piece suggests too strongly that PPPs must rely on upfront or "one shot" payments. Of course they could have structured the deal to have a much smaller upfront payment and on-going profit sharing. But the political foundation of the deal was getting the max possible upfront, in the shortest possible time frame.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Adam Wride</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160081</link>
		<dc:creator>Adam Wride</dc:creator>
		<pubDate>Fri, 20 Nov 2009 18:50:19 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160081</guid>
		<description>Actually, after reading that nytimes article, the citizens of Chicago need to file a lawsuit against the company or their city management. That deal is crooked.</description>
		<content:encoded><![CDATA[<p>Actually, after reading that nytimes article, the citizens of Chicago need to file a lawsuit against the company or their city management. That deal is crooked.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Adam Wride</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160071</link>
		<dc:creator>Adam Wride</dc:creator>
		<pubDate>Fri, 20 Nov 2009 18:43:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160071</guid>
		<description>Only problem I see here is that Chicago doesn&#039;t share in profits.</description>
		<content:encoded><![CDATA[<p>Only problem I see here is that Chicago doesn't share in profits.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Streetsman</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160061</link>
		<dc:creator>Streetsman</dc:creator>
		<pubDate>Fri, 20 Nov 2009 18:40:23 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160061</guid>
		<description>Agreed that the whole problem was the deal structure - there should have cap at which point J.P. Morgan and the city would be sharing revenues. This is quite common in retail leases. It&#039;s hard to think of it as &quot;lost&quot; revenue because if not for the privatization deal, the parking rates never would have gone up in the first place. But in this sense, cities like New York are &quot;losing&quot; billions every year by not pricing parking at market rates.</description>
		<content:encoded><![CDATA[<p>Agreed that the whole problem was the deal structure - there should have cap at which point J.P. Morgan and the city would be sharing revenues. This is quite common in retail leases. It's hard to think of it as "lost" revenue because if not for the privatization deal, the parking rates never would have gone up in the first place. But in this sense, cities like New York are "losing" billions every year by not pricing parking at market rates.</p>
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		<title>Comment on It&#8217;s Official: Chicago Parking Privatization a Massive Rip-Off by Larry Littlefield</title>
		<link>http://www.streetsblog.org/2009/11/20/its-official-chicago-parking-privatization-a-massive-rip-off/comment-page-1/#comment-160051</link>
		<dc:creator>Larry Littlefield</dc:creator>
		<pubDate>Fri, 20 Nov 2009 18:20:37 +0000</pubDate>
		<guid isPermaLink="false">http://www.streetsblog.org/?p=96681#comment-160051</guid>
		<description>Bottom line -- in order to seize future revenues and spend them up front, they were willing to give up massive future revenues and sign a very bad deal.  And then they greenwashed the whole thing.

Why don&#039;t we just turn over the National Parks the the Chinese?  If they raise the prices high enough and do enough strip mining, travel will be discouraged and greenhouse gasses will be reduced.  And the deal can always defer strip mining for 15 years, and require that those born before 1955 be allowed in for free.</description>
		<content:encoded><![CDATA[<p>Bottom line -- in order to seize future revenues and spend them up front, they were willing to give up massive future revenues and sign a very bad deal.  And then they greenwashed the whole thing.</p>
<p>Why don't we just turn over the National Parks the the Chinese?  If they raise the prices high enough and do enough strip mining, travel will be discouraged and greenhouse gasses will be reduced.  And the deal can always defer strip mining for 15 years, and require that those born before 1955 be allowed in for free.</p>
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