The City of Chicago's Department of Revenue announced today that the replacement of 1000 single-spaced parking meters with 100 new solar-powered Pay & Display parking meters is complete.

The Loop parking zone boundaries are Wacker Drive on the north and west, Congress to the south, and east to Lake Michigan.

Since the installation in early December, 2004, the majority of motorists parking in the Loop have used a credit card to pay for parking. As of February 28, 2005, the total revenue collected from the Pay & Display meters is $249,681. A total of 28,991 credit card transactions were processed resulting in $146,714 in revenue that accounts for close to 60% of the total meter revenue generated in the Loop since that period.

For the month of February, 2005, parking meter revenues in the Loop have increased by close to 17% compared to revenues for February, 2004. $159,929 was collected in 2005 compared to $137,188 in 2004. Parking rates have not changed; rates remain at twenty-five cents for five minutes with a two-hour maximum.

"We are pleased to see an increase in revenue, without an increase in parking rates," said Director of the Chicago Department of Revenue, Bea Reyna-Hickey. "It is likely that the revenue increase is due to additional cars being able to park on the street and increased compliance because credit cards make it more convenient to pay the maximum amount of time permitted."

Pay & Display meters accept Visa, MasterCard, Discover, American Express, and Diners Club cards. The meters also accept nickels, dimes, quarters and dollar coins and dispense a receipt that must be displayed on the dashboard inside the vehicle. Handicap parking restrictions have not changed. Signs along the street that read, "Pay for Parking at Pay Box," indicate there is a Pay & Display meter located in the middle of the block. The meters are simple to use and offer automated instructions in English and Spanish.

"We hope motorists find the Pay & Display meters to be a more convenient way to pay for parking," said Reyna-Hickey.

An informational video is available and can be seen on the City's website. To watch, visit www.cityofchicago.org/revenue and look under "I Want To" and select "Watch A Video About The Pay & Display Parking Meters."