City Hall News

Chicago Council Approves $2.5B Parking Meter Sale to Stonepeak, Securing First Profit Share Since 2008

Chicago’s City Council approved a revised deal to sell the city’s parking meter lease to Stonepeak Partners for $2.5 billion. The agreement grants the city a $75 million upfront payment and a 5% share of future profits, generating approximately $375 million for pensions over 57 years. This marks the first time Chicago will receive a share of meter profits since the 2008 privatization. The deal required Stonepeak to sell Omni Air International, a deportation flight carrier, to secure progressive support.