Chicago City Council expected to vote on parking meter lease sale

CHICAGO - Chicago alders are expected to take up a revised proposal Tuesday that could reshape the future of Chicago’s parking meter system.

Chicago parking meter sale

Stonepeak Partners, a New York-based firm, wants to buy out the remaining 57 years of the parking meter lease approved in 2008.

Under the proposal, Chicago would receive an immediate $75 million payment toward its pension debt, along with a share of future net profits from the deal.

City leaders say Tuesday is the final opportunity to approve the agreement if they want to avoid potentially paying hundreds of millions of dollars in legal fees.

The backstory:

The proposal faced a major roadblock last week as critics called for the city to cut ties with Omni Air International, an airline connected to deportation flights for the federal government.

Critics also pushed for a larger share of future profits, along with guaranteed access and equity provisions to ensure Black-owned firms and Black Chicagoans benefit from the deal.

Stonepeak said Monday that it had sold Omni Air International, a move that could help clear one of the major obstacles to the agreement.

What they're saying:

Ald. Scott Waguespack said the original parking meter deal was among the worst municipal agreements in the country.

He said five alders negotiated changes with Stonepeak through the deal’s other seller, CPM, and that the revised ordinance would be a better agreement for the city.

Some critics still question whether Chicago would receive enough long-term value from the proposal.

What's next:

The City Council is also expected to consider changes to Chicago’s renter protections, but alders said Monday they would not call either of two competing ordinances for a vote Tuesday.

The ordinances are known as the Fair and PRO measures. Alders said they need more time to continue discussions and work toward an agreement.

ChicagoChicago City CouncilBrandon JohnsonNews