Parking rates in Chicago to go up. Again

Motorists who drive to Chicago better get ready to dig a little deeper in their wallets when they look for a parking spot.

The Chicago Sun-Times reports the parking meter rates in city — already the highest in the country — are going up a bit more, to as much as $5 an hour in the downtown Loop. That's 75 cents more an hour than it is now and $2 an hour more than motorist paid in the Loop just two years ago.

The increase was agreed upon when the city signed in 2008 its much maligned agreement to lease parking meters for 75 years.

Rates in other parts of the city will go up, too. In some neighborhoods the rate is increasing from $1.25 to $1.50 an hour.