Chicago reaches $15M settlement with parking meter company

Wednesday marks 16th anniversary of Chicago's parking meter deal

Wednesday marks the 16-year anniversary of a financial deal so contentious that it's often referred to as one of Chicago's biggest blunders. It's the infamous 75-year parking meter lease.

CHICAGO - The City of Chicago has reached a $15.5 million settlement with Chicago Parking Meters, LLC, ending years of legal disputes over its contentious parking meter lease agreement.

The backstory:

City officials said the deal, finalized after extensive negotiations, is significantly less than the $322 million originally sought by the private operator. 

In addition to the payment, the city has agreed to a year of enhanced parking enforcement, while Chicago Parking Meters will begin sharing meter data to support those efforts. All citation revenues will continue to go directly to the city.

What they're saying:

"This agreement brings an end to years of costly litigation at a fraction of the potential financial exposure," said Corporation Counsel Mary B. Richardson-Lowry. 

The disputes stemmed from claims that the city failed to enforce meter violations, paused parking tickets during the pandemic, and mishandled revenue distribution.

The city noted that revenue from the disputed meter spaces exceeds the settlement cost by more than $10 million.