Government

Chicago council approves $2.53B parking meter deal

beatrice prève - stock.adobe.com

October 1, 2026

Summarize with

The Chicago City Council has voted 46-3 to approve a revised agreement permitting Chicago Parking Meters LLC to sell the city's parking meter operation to New York-based Stonepeak for $2.53 billion, according to a report in The Center Square.

Chicago will receive $75 million from Stonepeak and 5% of annual profits under the agreement.

Supporters said the payment and profit-sharing provisions would benefit taxpayers and help the city meet financial obligations. Alderman Jason Ervin questioned the deal, drawing parallels to the widely criticized 2008 parking meter agreement and arguing that officials were again rushing a decision. Alderman Scott Waguespack, who opposed the original agreement, supported the revised terms ahead of a Sept. 30 deadline.

Stonepeak also addressed a potential obstacle by confirming it had agreed to sell Omni Air, an investment with federal deportation flight contracts. In a separate vote, council members approved requiring a three-fifths majority for new city debt issuance. Mayor Brandon Johnson did not say whether he would veto that measure.