Chicago City Council approves parking meter lease sale
CHICAGO – Chicago alders voted 46-3 Tuesday to approve a revised proposal that will reshape the future of Chicago’s parking meter system.
Chicago parking meter sale
Stonepeak Partners, a New York-based firm, will buy out the remaining 57 years of the parking meter lease approved in 2008.
Under the approved proposal, Chicago will receive an immediate $75 million payment toward its pension debt, along with a share of future net profits from the deal.
The vote came as city leaders faced the possibility of paying hundreds of millions of dollars in legal fees if the agreement was not finalized.
The backstory:
The proposal faced a major roadblock last week as critics called for the city to cut ties with Omni Air International, an airline connected to deportation flights for the federal government.
Critics also pushed for a larger share of future profits, along with guaranteed access and equity provisions to ensure Black-owned firms and Black Chicagoans benefit from the deal.
Stonepeak said Monday that it had sold Omni Air International, helping clear one of the major obstacles to the agreement.
What they’re saying:
Ald. Scott Waguespack said the original parking meter deal was among the worst municipal agreements in the country.
He said five alders negotiated changes with Stonepeak through the deal’s other seller, CPM, and that the revised ordinance would be a better agreement for the city.
Some critics continued to question whether Chicago would receive enough long-term value from the proposal.
What’s next:
The City Council is not expected to vote Tuesday on changes to Chicago’s renter protections.
Alders said Monday they would not call either of two competing ordinances for a vote, giving them more time to continue discussions and work toward an agreement. The ordinances are known as the Fair and PRO measures.
The Source: The information in this story came from the Chicago City Council, Ald. Scott Waguespack and previous FOX Chicago reporting.
