The Chicago Transit Board today approved a five-year contract with Central Parking System (CPS) Chicago Parking for the operation, management and maintenance of select CTA parking facilities. Under the new contract, the CTA is guaranteed $1 million annually, or up to 49.5% of net revenue, whichever is greater.
"Because the CTA faces budget shortfalls and other challenges associated with weathering the recession, it is important to get the most out of the revenue-generating programs that the agency already has in place," said CTA President Richard L. Rodriguez. "This contract is a responsible business decision for the CTA and also will provide customers with added convenience and upgraded facilities at several of the agency's parking locations."
CPS will purchase, install and maintain new fee collection equipment for 11 of the CTA's 17 Park & Ride locations that fall under this contract. The new equipment will accept credit cards, payment by cell phone and cash. CPS also will maintain all of CTA's Under 'L' parking areas, spaces under the elevated tracks that can be leased for a monthly fee.
The following Park & Ride lots are not part of the new CPS contract due to existing agreements or because they are not owned by the CTA: Rosemont already is managed by CPS; Forest Park is managed by MPC Partners; Harlem/Higgins is managed by Standard Parking; the Linden and Skokie lots are managed by Wilmette and Skokie respectively; and the Howard lot is not owned by CTA.
From 2004-2008, the Standard Parking contract generated an average of $677,000 a year in revenue for the CTA – in 2008 the CTA earned $419,000 from the contract. Under the old contract, the CTA paid a 4% management fee and had to reimburse Standard Parking for 100% of their operating expenses. The new contract guarantees the agency at least $1 million per year and CPS will be responsible for their own operating expenses – including the new fare collection equipment, as well as a detailed scope of work for maintaining the lots.
Parking is available for approximately 6,600 cars at facilities adjacent to 17 CTA rail stations throughout the CTA system. Rates are $5 at Rosemont and Forest Park and $4 at all other locations. Park & Ride locations are listed on CTA’s system map and on the CTA Web site, www.transitchicago.com. Customers also may obtain information on Park & Ride facilities by calling 836-7000 from any local area code.
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CTA Parking Facilities Now Managed by CPS
Park & Ride Facilities*
*In addition to the Rosemont Park & Ride facility, already managed by CPS
Under ‘L’ Parking Facilities
14th Street/14th Place
14th Place/16th Street
16th Street/18th Place
23rd Street/24th Street
13th Street/14th Street
Sheffield/Webster (950 Webster)
Berteau at Ravenswood