🚨 730 BOOM BREAKING ALERT: CHICAGO PARKING METER DEAL COULD BRING CITY HUNDREDS OF MILLIONS
Chicago aldermen announced a significant new agreement Tuesday, September 15, tied to the proposed $2.53 billion sale of Chicago's infamous parking-meter operation to investment firm Stonepeak Partners.
Under the revised proposal, Stonepeak would make a $75 million payment to Chicago and give the city 5% of annual net operating income, projected by aldermen to generate roughly $376.2 million over the remaining 57 years of the meter lease. The money would be directed toward Chicago's pension funds. The agreement also contains provisions covering future sales, Chicago-based workers, driver information and potential EV charging locations.
This is not final yet. The agreement still requires Chicago City Council approval. A Finance Committee vote could come as early as September 21, followed by a full council vote as early as September 23.
That makes this worth watching for 730 BOOM because Chicago's original 75-year parking-meter lease, signed in 2008 for $1.15 billion, has remained one of the city's most consequential privatization deals. This new agreement could alter how much Chicago receives from the meters without ending the original lease.
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