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| Vinci Park becomes on-street parking operator in Chicago The City of Chicago has awarded a 75-year concession contract for 36,000 on-street pay parking spaces to an investor group headed by Morgan Stanley Infrastructure. The largest of its kind in the United States, the investor group has awarded to LAZ Parking, a Vinci Park subsidiary, exclusive management of the contract for a period of seven years. The role of LAZ Parking, which will not be making any capital investment, will be to provide technical maintenance of the parking meters, on-ground signage, revenue collection and application of parking fines. LAZ Parking is also charged with improving payment collection methods for the investor group's benefit. Over the next two years, LAZ Parking will gradually replace the standard parking meters with equipment that will accept innovative new payment methods using cards and mobile phones. write your comments about the article :: © 2008 Construction News :: home page |