Chicago Aldermen Back $75 Million Parking Meter Deal With Stonepeak as Profit Share Added
Updated
Updated · WLS-TV · Sep 15
Chicago Aldermen Back $75 Million Parking Meter Deal With Stonepeak as Profit Share Added
3 articles · Updated · WLS-TV · Sep 15
Summary
$75 million upfront and annual profit-sharing are now part of a revised agreement Chicago aldermen say they reached with Stonepeak for the city's parking meters, reviving a sale that still needs City Council approval.
A vote on the original proposal was delayed after aldermen attacked the process, and the new terms were presented as a response to that pushback.
Stonepeak also agreed to sell its stake in a company that operates deportation flights for the Department of Homeland Security, addressing a major objection from progressive aldermen.
Chicago's meter system remains politically sensitive because Mayor Richard M. Daley leased it for more than $1 billion in 2008, a deal widely seen as having since generated roughly double that return.