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After drivers select a spot and process their payment, they are given an electronic parking pass that can be printed or presented on a smartphone or tablet. [3] [8] In 2013, as part of its first growth beyond Chicago, ParkWhiz expanded its monthly parking feature to New York City, [2] [9] offering approximately 200 locations. [2] [9]
The Chicago "L" is a rapid transit system that serves the city of Chicago and seven of its surrounding suburbs. The system is operated by the Chicago Transit Authority (CTA). On an average weekday, 759,866 passengers ride the "L", [ 1 ] making it the second-busiest rapid transit system in the United States, behind the New York City Subway .
According to the City of Chicago, "assets managed by the Department include more than 11,000 pieces of equipment and vehicles and more than 425 leased and owned facilities." [1] Among the types of vehicles and equipment handled by the departments are police cars, pickup trucks, refuse trucks, fire ladders, and airport all-purpose runway brooms. [2]
SpotHero was founded by Mark Lawrence and Jeremy Smith in Chicago in 2011, with co-founder Larry Kiss joining the company soon after. [3] [4] The company started out as a peer-to-peer parking marketplace, where people could rent out their own private parking spots, before expanding the platform to partner with parking companies and garages.
Brokers affiliated with Morgan Stanley then formed an LLC called "Chicago Parking Meters LLC" to facilitate a potential deal with the city over the sale of the meters. [4] By December 3, 2008, a deal was made to sell all 36,000 [5] [6] of the parking meter spots in the city for 75 years for $1.15 billion.
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