Chicago City Council Approves $2.53 Billion Deal to Sell Parking Meters to New Owner
The revised agreement gives Chicago 5% of parking meter revenue and a $75 million closing payment, with most proceeds going to pensions.
- On Tuesday, the Chicago City Council voted 46-3 to approve a $2.53 billion deal allowing New York-based Stonepeak Partners to purchase the city's parking meter system.
- This transaction replaces the controversial 2008 deal that leased the city's roughly 36,000 meters for 75 years, an arrangement widely criticized as one of the worst financial moves in municipal history.
- Stonepeak agreed to pay $75 million upfront and share 5% of annual profits, while divesting from Omni Air International, an airline contracted for U.S. Department of Homeland Security deportation flights.
- Revenue from the deal will support Chicago's pension obligations, though Alderman Jason Ervin criticized the vote, claiming the council rushed the decision without independent financial analysis.
- The city retains a 2% stake in any future sale of the meters, while officials discuss separate legislation to tie future parking rate increases to inflation.
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Chicago's new parking meter deal
Good morning, Chicago. ✶🔎 Below: Chicago's parking meters will change hands again — this time they were acquired by a New York investment firm. We take a look at what the new deal means for Chicagoans.🗞️ Plus: Why one Chicago School Board president candidate is dropping out of the race, the Chicago restaurants up for top honors and more news you need to know.📝 Keeping score: The Blackhawks lost their season opener to the Golden Knights, 5-2; …
Chicago City Council approves $2.53 billion deal to sell parking meters to new owner
The City Council on Tuesday approved a deal allowing Chicago's privatized parking meters to be sold to a new company, with the city receiving a share of the profits going forward.
Chicago council approves parking meter sale - Regional Media News
(The Center Square) - The Chicago City Council has approved a modified agreement allowing the sale of the city's parking meter system between private entities. The council voted 46 to 3 in favor of the $2.53 billion deal between Chicago Parking Meters LLC and New [...]
Chicago parking meters switching owners, aldermen point to improvements over 2008 deal – Chicago Tribune/Yahoo
After publicly emerging as the prospective buyer this May, buyer Stonepeak eventually yielded to aldermen who held out on the deal until a benefits package emerged: a $75 million transfer fee, 2 percent of any future sale and 5 percent of the system's calculated net income — altogether around $140 million in present value, according to Ald. Bill Conway. Ald. William Hall criticized his colleagues for not securing more assurances that Stonepeak w…
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