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February-March: City officials review initial application information submitted by potential bidders to determine whether the firms are qualified. The city won’t say how many bidders were rejected, how many were accepted, or how many were involved altogether; that won’t be released until the deal is approved and underway.
Thursday, August 14: Volpe announces that the city faces a $420 million budget deficit. The figure grows to nearly $500 million in the coming weeks as revenues from real estate transfer taxes dry up.
Tuesday, December 2: Daley, Volpe, and other city officials announce a spinoff of Morgan Stanley, which in 2006 leased the city’s downtown parking garages, will pay the city $1.15 billion in return for 75-year control of the parking meters. Rates will start going up in 2009 and may climb to more than $6 an hour within five years.
