Chicago is challenging $50 million in reimbursement payments sought by the private consortium that leases the city’s parking meter system.

The company has submitted three reimbursement requests for lost revenue from meters that were taken out of service over the last two years and from disabled license plates.

Under the controversial 2009 lease that transferred operations of the system to the consortium for 75 years in exchange for an up-front payment of $1.15 billion, the city is required to cover some of the lost revenue.

Mayor Rahm Emanuel’s administration disputes how Chicago Parking Meters LLC came up with figures.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.