Overview
- The City Council Finance Committee voted to back Stonepeak Partners’ $2.53 billion purchase and supporters deferred the final City Council vote to next week to secure more backing and review the details.
- Under the negotiated terms Stonepeak would pay a $75 million transfer fee, give the city 5% of annual net operating income, and provide 2% of any future sale proceeds as additional city payments.
- The agreement also includes operational concessions such as a pledge to divest Omni Air, limits on sharing meter-user data, a local-hire commitment and a pilot to convert whole blocks into non‑metered electric-vehicle charging sites with shared revenue.
- Critics warn the city’s projected receipts depend on Stonepeak’s accounting of net income not gross revenue and cite competing estimates that place long‑term profit shares anywhere from about $140 million to roughly $367 million, raising doubts about how much will reach pensions.
- The 2008 lease that privatized roughly 36,000 meters for 75 years left the city with costly 'true‑up' obligations and no recurring revenue, and the council must weigh potential pension relief against the risk of arbitration or litigation if it misses the seller‑set Sept. 30 deadline.