Sept. 17--Mayor Rahm Emanuel plans to put a little dent in the city's massive budget hole by following through on selling four city parking lots.
The lots in River North are expected to bring in about $12.4 million, according to the mayor's office. Emanuel's announcement comes more than a year after city Inspector General Joseph Ferguson highlighted the fact that dozens of city workers were parking for free in the upscale neighborhood and the city responded by saying it was considering selling the lots.
At the time of Ferguson's findings, the four lots were being used by 80 city employees. Ferguson called on the city to do an inventory of the property it owns to determine whether taxpayers would be better served if the properties were sold.
In one case, Ferguson estimated the perk for 19 city workers to park their cars for free in a lot at 366 W. Superior St. cost $45,600 per year. The properties themselves would be worth much more, he said in an April 2014 report.
Emanuel is pulling out all the stops before his budget address next week to try to show Chicagoans he's looking hard for revenue, in a bid to soften the blow when he announces a huge property tax increase expected to be between $450 million and $550 million.
Emanuel has declined to discuss the specifics of the budget in recent weeks. But his administration has released nearly daily announcements about small financial reforms that will have little impact on the size of the property tax hike, but could help convince residents he is being a good steward of the municipal purse strings.
jebyrne@tribpub.com
