>That’s approximately a 3% annualized return on investment (1.03^75 ~= 10).
That isn’t accurate, the cash flows should according discounted by the period they’re received in (this contract produces some profits in year 1, more in year 2, etc). What you’ve done is treated it as if the 10x payment is received all at once in year 75.
Nice catch, it's actually an ~13.5% annualized rate of return when taking into account the cash flows (assuming annual payments distributed evenly across the contract life, I'm sure you could refine it further).
It's still unclear that this is a bad deal financially. What percentage of that return is going to the vendor's costs? What costs would the city incur if they tried to do it themselves? What were the city's other options in raising cash?
If there was a cheaper muni float option on the table and Daley went with this deal instead, then that feels worth investigating to see whose pockets got lined. Otherwise, it's probably not as bad of a deal as the headlines make it seem.
Love the idea that people can project how much parking there will be in 75 years. It's possible there won't be cars at all in the areas parking meters currently make most of their money in Chicago.
Presumably any explicit policies along these lines would require the "true up" payments described in the article. If you mean a non-mandated move away from cars in that time, the only plausible scenario I'd imagine that happening is one where Chicago has much more serious problems than a bad contract.
It's possible, but as others are saying, there are guarantees in the contract. All things being equal, this makes it more likely that Chicago will do what it can to motivate people to park cars next to meters for 75 years to come.
This approach is used by wechat, you can't make your own account and can only be invited by an existing user. I suspect that wechat has reached enough market penetration that this is now worth it.
>> While Vembu has been running Zoho for nearly a quarter century, his sister Radha and brother Sekar own the bulk of the company, according to Indian filings. A product manager at Zoho, Radha has a 47.8% stake in the company that’s currently worth an estimated $2.2 billion. Sekar, founder of Vembu Technologies in Chennai, owns 35.2% worth $1.6 billion. Vembu owns 5%, worth $225 million. The family, now worth at least $4 billion, was ranked No. 48 on Forbes’ 2022 list of India’s 100 Richest under Sridhar’s name due to his prominence as founder and CEO.
I know that many constituent colleges at the University of Cambridge are the only address in their post code. For example, Trinity College is CB2 1TQ.
However, hundreds of people live in each college (they just have large mailrooms), so on a practical level you’d likely need to put your name down if you wanted to get mail.
In the 80s and the 90s, the USDA systematically discriminated against Black farmers (and farmers of other races), leading to some of the largest civil rights settlements in U.S. history [0]. One metric to hit that could suggest that “Jim Crow is over” is for settlements like these to cease to exist or at least become as common a settlements for racial discrimination by white plaintiffs.
I suspect a lot of it is due to UK customs regulations. In the US importing items under $800 is tax free once person per day (of course this does harm US businesses) [0]. In the UK the foreign seller has to register for, collect, and remit VAT (similar to sales tax) as well as deal with duties above 135 GBP [1].
That isn’t accurate, the cash flows should according discounted by the period they’re received in (this contract produces some profits in year 1, more in year 2, etc). What you’ve done is treated it as if the 10x payment is received all at once in year 75.