Chicago parking meter vote expected Friday: Watch live
CHICAGO (FOX 32) - The Chicago City Council is set to vote Friday on a deal that would hand control of the city's parking meters to a new owner.
Watch live:
Watch the meeting, scheduled to begin at 10 a.m., in the player above.
Chicago parking meter deal vote
What's next:
The full City Council is expected to debate the deal starting at 10 a.m. on Friday during a special meeting, where the parking meter deal is the only item on the agenda. The city has five days to approve the agreement. If the measure fails Friday, the council is expected to meet again Tuesday.
City officials have warned that failing to approve the deal by the deadline could expose the city to millions of dollars in arbitration costs. Meanwhile, the mayor's office said buying back the meters outright would have been financially disastrous, piling on massive debt and driving parking rates even higher.
Chicago parking meter vote Friday: What to know
Chicago's Finance Committee approved the proposed sale of the city's parking meter concession to Stonepeak, sending the deal to the full City Council for a vote. The revised agreement includes a $75 million pension contribution, a 5% share of future profits and 2% of proceeds from any future sale of the concession.
The backstory:
The City Council's Finance Committee on Thursday approved the proposed sale of the city's parking meter concession to Stonepeak. The revised agreement includes a $75 million pension contribution, a 5% share of future profits and 2% of proceeds from any future sale of the concession.
The proposal moved forward after alderpeople negotiated additional benefits for the city.
The Source: This story is based on reporting about the Chicago City Council Finance Committee's approval of the Stonepeak parking meter concession deal.