Government

Chicago reaches revised deal on parking meter sale

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September 18, 2026

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Chicago officials have negotiated new terms for the proposed $2.53 billion sale of the city's parking meter lease to New York investment firm Stonepeak Partners, according to a report in The Center Square. Under the agreement, Stonepeak would pay the city a one-time fee of $75 million and provide 5% of the operation's annual net income. The profit-sharing provision is projected to generate $376.2 million during the remaining 57 years of the lease.

The money would be directed to Chicago's pension funds. The agreement also calls for the city to receive 2% of the sale price if Stonepeak later transfers the parking meter operation to another owner. Other provisions address compensation when meters are removed from service for special events, potential electric vehicle charging stations, local hiring and restrictions on sharing drivers' information with the federal government.

Stonepeak would acquire the lease from Chicago Parking Meters LLC, which paid the city $1.15 billion for a 75-year concession in 2008. That original agreement has faced years of criticism as the private operator's revenue surpassed the city's initial payment. The revised transaction still requires Chicago City Council approval.