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Parking Meters

All articles tagged with #parking meters

city-hall10 days ago•18 min saved

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.

via Block Club Chicago|

#brandon-johnson #chicago-city-council #city-hall

local-government15 days ago•17 min saved

Chicago Council Advances $2.5B Parking Meter Sale to Stonepeak

Chicago’s City Council Finance Committee approved the sale of the city’s parking meter rights to Stonepeak Partners for $2.53 billion. The deal includes a $75 million transfer fee and a 5% profit share for the city, ending the 2008 privatization era.

via Block Club Chicago|

#chicago-city-council #local-government #morgan-stanley

local-politics25 days ago•6 min saved

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.

via WTTW News|

#chicago #city-council #local-politics

politics2 months ago•21 min saved

Chicago's Parking Meters: Can the City Reclaim Control?

Chicago’s City Council finance committee postponed a vote on selling the city’s parking-meter rights to Stonepeak as lawmakers weigh whether the city can still buy back the system or form a public infrastructure trust to reclaim control. Mayor Johnson has not weighed in on the bid, and critics point to the deal’s high price and long private revenues through 2084, raising debt and political risks ahead of an election. Ald. Ervin floated a public-option route if the sale falters, but the outcome remains uncertain with a summer/fall vote still possible.

via Block Club Chicago|

#ald-jason-ervin #chicago #municipal-finance

local8 months ago•3 min saved

Chicago parking meters sold to private operator, Johnson confirms

Chicago’s parking meters have been sold to a private company in a deal critics call lopsided. The sale price is reported to be at least twice the original 2008 price of $1.15 billion, and Mayor Brandon Johnson says his administration looked into buying them back but found it prohibitively expensive and risky since 100% of revenues would go toward debt. City Council will need to vote to transfer the contract to the new owner.

via abc7chicago.com|

#brandon-johnson #chicago #daley-deal