Chicago parking meter deal vote postponed
CHICAGO (FOX 32) - The Chicago City Council was set to discuss and vote Friday on a deal that would hand control of the city's parking meters to a new owner. However, the council adjourned without taking any action. It now plans to discuss the parking meter deal next week.
Chicago parking meter deal deadline next week
Chicago parking meter deal vote postponed
The Chicago City Council was set to discuss and vote Friday on a deal that would hand control of the city's parking meters to a new owner. However, the council adjourned without taking any action. It now plans to discuss the parking meter deal next week.
Local perspective:
The full City Council was expected to debate the parking meter deal on Friday during a special meeting, where the parking meter deal was the only item on the agenda. The City Council's next meeting is scheduled for Tuesday.
The city has five days to approve the agreement. City officials have warned that failing to approve the deal by the Sept. 30 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.
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.