Chicago council brokers revised parking meter deal
City Council leaders in Chicago have reached a compromise that could clear the way for Stonepeak Partners, a New York investment firm, to acquire the city’s parking meters in a $2.5 billion transaction.
The proposal includes a profit-sharing plan that would give the city 5% of net income received by Stonepeak and Chicago Parking Meters LLC. That share is projected to bring in $376.2 million over the life of the agreement, which runs through 2083, and the larger payment would be directed to underfunded city pensions.
The deal could also help narrow Chicago’s $882 million budget gap. The city’s Law Department gave technical help to a five-member City Council negotiating team, while Mayor Brandon Johnson was otherwise not central to the talks.
Council leaders also framed the agreement as an effort to improve terms on a widely criticized meter arrangement while creating a longer-term revenue stream for the city and motorists.
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