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Cities as Risk Managers: The Impact of Chicago's Parking Meter P3 on Municipal Governance and Transportation Planning

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  • Stephanie Farmer

    (Department of Sociology, Roosevelt University, 430 South Michigan Avenue, Chicago, IL 60605, USA)

Abstract

Although the benefits of infrastructure public–private partnerships are widely promoted, the public has little understanding of the new forms of risk and risk management obligations that city governments often absorb in infrastructure leasing concession agreements. This paper examines the City of Chicago's parking meter lease agreement with Morgan Stanley Infrastructure Partners. Risk reduction mechanisms embedded in the contract resulted in the city absorbing new costs and risks that negatively impacted city finances and remade the local state as a risk manager tasked with responsibilities that protect the rate of return of the global infrastructure investment fund. New planning and fiscal risks work as obstacles for transportation planners altering current street-level transportation configurations. Interviews with transportation planners revealed the new barriers put in place to safeguard financial investment that planners must navigate in order to realize environmentally sustainable and innovative street-level transportation planning.

Suggested Citation

  • Stephanie Farmer, 2014. "Cities as Risk Managers: The Impact of Chicago's Parking Meter P3 on Municipal Governance and Transportation Planning," Environment and Planning A, , vol. 46(9), pages 2160-2174, September.
    • Handle: RePEc:sae:envira:v:46:y:2014:i:9:p:2160-2174
    DOI: 10.1068/a130048p
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    References listed on IDEAS

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    Cited by:

    1. Peter O’Brien & Andy Pike, 2019. "‘Deal or no deal?’ Governing urban infrastructure funding and financing in the UK City Deals," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1448-1476, May.
    2. Chin, Jae Teuk, 2021. "The shifting role of public–private partnerships in vacant property redevelopment," Land Use Policy, Elsevier, vol. 105(C).
    3. Stephanie Farmer & Chris D Poulos, 2019. "The financialising local growth machine in Chicago," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1404-1425, May.
    4. Laura Deruytter & Ben Derudder, 2019. "Keeping financialisation under the radar: Brussels Airport, Macquarie Bank and the Belgian politics of privatised infrastructure," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1347-1367, May.
    5. Peter O’Brien & Phil O’Neill & Andy Pike, 2019. "Funding, financing and governing urban infrastructures," Urban Studies, Urban Studies Journal Limited, vol. 56(7), pages 1291-1303, May.
    6. Elisa Van Waeyenberge, 2016. "The private turn in development finance," Working papers wpaper140, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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