Overview
- City officials said an ordinance would be introduced Wednesday to start the Council’s review of the proposed transfer to Stonepeak Partners.
- The transfer cannot proceed without City Council approval, which gives aldermen a veto over the sale.
- The mayor’s office has not disclosed the purchase price or whether any operating terms would change.
- Ald. Scott Waguespack warned the contract’s limits leave little room to alter terms and could lead to higher parking rates or app fees for drivers.
- Chicago leased the meters for 75 years in 2008 for $1.15 billion, and reporting shows private owners have already taken in nearly $2 billion with about 57 years remaining.