Deal to Sell Chicago’s Parking Meters Hinges on Omni Air Sale

Chicago reached a conditional deal to sell its 75-year parking-meter lease to Stonepeak Partners for about $2.53 billion, but only if Stonepeak sells Omni Air International (a DHS deportation carrier) with federal approvals; the city would receive $75 million upfront, plus ongoing pension funding from 5% of net operating income annually for 57 years and a 2% contingent payment if the sale closes, along with provisions on a Chicago-based workforce, potential EV charging revenue sharing, and a 30-day CFO review ahead of a City Council vote likely in late September.