Chicago To Audit $1.2B Morgan Stanley Parking Concession

Law360, New York (October 15, 2012, 7:19 PM EDT) -- The city of Chicago will audit the controversial $1.15 billion deal that in 2009 handed control of its pay-to-park system to an investor group led by Morgan Stanley & Co., Mayor Rahm Emanuel said Monday.

The independent review, which is expected next month, will include interviews with the top management at Chicago Parking Meters LLC, including representatives from its investment bank backer, Emanuel said. The 75-year lease has faced backlash from the mayor and residents over soaring rates and contract terms that require the city to...
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