Chicago leasing four downtown garages for cash

Above Millennium Park parking

Morgan Stanley is poised to take over a 99-year lease on four city parking garages in downtown Chicago. A story in today’s Chicago Tribune is focused on Ald. Dorothy Tillman’s (3rd) consternation that the company’s alleged past ties to slavery weren’t revealed, as required by city ordinance. The real issue here is the long-term financial hit the city will endure as a result of this deal, so that Mayor Daley can realize a short-term windfall at a politically tense moment. The $563 million package might sound good on the surface, but 99 years is a long time, and Chicago stands to make more money in the end – corrupt and inefficient as its current government may be – by operating these facilities itself. Disagree? Click on “Comments” below to give us your take.

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