CHICAGO (WBBM) — Chicago City Clerk and mayoral candidate Miguel Del Valle is calling on Attorney General Lisa Madigan to reopen an investigation into Chicago’s 75-year parking meter contract with the Morgan Stanley investment fund, Chicago Parking Meters, LLC.
Miguel Del Valle believes there may have been a violation in the city’s ethics ordinance during contract negotiations.
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Del Valle cites a recent news article that claims the financial advisers employed by the city to prepare the contract were also on the payroll of Morgan Stanley.
According to the city’s ethics ordinance, if Morgan Stanley did not register any individuals who worked on the contract as official lobbyists, the city can void the contract. The agreement does not list any registered lobbyists.
Del Valle calls the parking meter deal, “probably the worst deal that the city has entered in the history of the City of Chicago.” He cites a report by Chicago Inspector General David Hoffman, estimating that Morgan Stanley undervalued the contract by more than one billion dollars.
Del Valle claims that opponents Rahm Emmanuel and Gery Chico have not looked into ways to void the contract and calls on them to make their positions on the matter public.
Del Valle claims that Emanuel took 27 campaign contributions totaling $29,000 from firms involved with the parking meter contract, including Katten Muchin Rosenman, who wrote the agreement.