Chicago’s parking meter system sold to New York-based firm, city says

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CHICAGO - Chicago’s parking meter system is set to be sold to a New York-based investment firm, pending approval from the City Council.

What we know:

Stonepeak Partners has been in talks with the Chicago Parking Meters, LLC, to acquire the system and has advanced to signing a sale agreement, according to Mayor Brandon Johnson’s office.

Stonepeak has about $88 billion in assets across 60-plus countries, according to its website.

The Chicago City Council can approve or reject a sale of the system, and the mayor’s office said the matter will be brought up at Wednesday's full council meeting to "initiate its process for evaluating the proposed transfer."

What we don't know:

It was unclear what the terms of the deal were and how much Stonepeak Partners offered to pay for the system.

The firm did not immediately respond to a request for comment and more details on the deal.

The backstory:

Back in 2008, then-Mayor Richard M. Daley pushed through a deal to sell the city’s parking meter system for a one-time $1.15 billion payment for a 75-year lease. At the time, it was sold as a way to fill a large budget hole amid the Great Recession.

Since then, it’s been criticized as one of the worst financial moves in the city’s history. Private investors were expected to recoup their money in just 15 years, which meant that they had 60 more years to reap the profits while the city got nothing.

At one point, Johnson expressed interest in buying back the system for the city, but his office determined it would be too costly.