Overview
- Mayor Brandon Johnson’s office said Chicago Parking Meters LLC has agreed to transfer its 75-year lease rights to New York-based Stonepeak Partners, pending City Council approval.
- The administration plans to introduce an ordinance at the next full council meeting to start the review, with the Law Department and the city’s chief financial officer on hand to answer questions.
- Key details, including the sale price and any changes to contract obligations, have not been released, leaving alderpersons room to press for taxpayer protections.
- In January, Johnson rejected a municipal buyback after city analysts found the price too high and the required debt so large it would likely consume nearly all meter revenue for decades and push annual rate hikes.
- The parking system was leased in 2008 for a one-time $1.15 billion payment, a deal widely criticized as the company has already collected nearly $2 billion with 57 years still left on the contract.