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

Key points

• The City Council voted 46-3 to approve the sale of the parking meter lease to Stonepeak Partners.
• The city will receive a $75 million upfront payment and 5% of Stonepeak’s profits, totaling roughly $375 million over 57 years.
• Stonepeak agreed to sell Omni Air International, which had contracts for federal deportation flights, to overcome opposition from progressive alderpeople.
• The deal does not return control of the meters to the city; Stonepeak will operate them for the remaining 57 years of the original 75-year lease.
• Alderman Jason Ervin voted against the deal, arguing the city could have negotiated better terms and lacked independent financial analysis.

Background

The 2008 parking meter deal, approved under Mayor Richard M. Daley, leased roughly 36,000 meters to a private group for 75 years in exchange for $1.15 billion. This arrangement became controversial due to rising rates and city payments for out-of-service meters. In 2026, Mayor Brandon Johnson’s administration initially attempted to buy back the meters but abandoned the effort due to high costs. A revised deal was negotiated in September 2026, requiring Stonepeak to divest Omni Air International to secure council support.

How outlets are covering it

Block Club Chicago emphasizes the historic nature of the profit share and the council’s delayed vote to allow review. NBC 5 Chicago highlights the financial details, noting the $75 million upfront payment and the 5% profit share, while also mentioning potential future price increases. WTTW News focuses on the political leverage used by progressive alderpeople, specifically the requirement for Stonepeak to sell Omni Air International, which had been used for federal deportation flights. All sources agree on the vote count and the total financial impact, but differ in emphasis: Block Club and NBC focus on the financial terms, while WTTW highlights the political concessions regarding the airline.

Why it matters

This deal ends a 18-year period where Chicago received no share of parking meter profits. The $375 million in expected revenue will be directed to city pensions, addressing long-standing concerns about the 2008 deal’s impact on municipal finances. The requirement for Stonepeak to sell Omni Air International reflects growing political pressure to divest from companies involved in federal deportation efforts.

What to watch

The sale is expected to close shortly after the council vote. A companion ordinance may be introduced to adjust parking meter prices annually based on inflation. Stonepeak will assume control of the parking meter operations for the remaining 57 years of the lease.