Chicago parking meter deal heads to City Council for final vote

Thu, 24 Sep 2026 18:29:51 -0500

A deal that could change who controls Chicago’s parking meters is one step closer to approval.

The City Council's Finance Committee voted Thursday to approve the sale of the parking meter concession to New York-based investment firm Stonepeak. The proposal now heads to the full City Council after alderpeople negotiated additional benefits for the city.

Parking meter deal moves forward

Under the revised agreement:

Stonepeak would contribute $75 million to the city's pension funds.
The city would receive a 5% share of future profits.
The city would receive 2% of the proceeds from any future sale of the parking meter concession, which has 57 years remaining.

Finance Committee Chair Ald. Pat Dowell and other supporters said the revised terms improve on the city's widely criticized 2008 parking meter lease, arguing the agreement secures additional financial benefits.

Not all alderpeople support the deal. Ald. William Hall raised concerns that Black Chicagoans are not adequately benefiting from a system that generates significant revenue.

The proposal now moves to the full City Council, where members are expected to debate it Friday during a special meeting with the parking meter deal as the only item on the agenda.

The city has six 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.

Latest & Breaking News | FOX 32 Chicago

Chicago parking meter deal heads to City Council for final vote

Parking meter deal moves forward