CHICAGO — Chicago must compensate the private operators of four downtown city- and park district-owned parking garages for $58 million in lost revenue and interest stemming from the city's approval of a competing parking facility, an independent arbitration panel has ruled.

The private operators — Chicago Loop Parking LLC — filed a claim in 2011 seeking as much as $200 million from the city. It argued that the city violated terms of its 99-year, $563 million lease struck in 2006 that prohibit the city from approving new public parking facilities within a designated zone around the garages.

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