A deal on the deal

City Council leaders brokered an agreement that clears the way for New York firm Stonepeak Partners to buy Chicago's parking meters for $2.53 billion, in exchange for benefits flowing back to the city and drivers.

Lemonade out of lemons

Rahm Emanuel once tweaked the hated lease by adding free Sunday parking. He called it lemonade out of lemons. This package makes that look small.

“We are making lemonade out of lemons”

The budget rebels struck it

The same alderpersons who led the revolt against Mayor Brandon Johnson's corporate head tax quietly negotiated this one, without him.

Money against an $882M hole

The benefits could chip away at the city's $882.4 million budget gap and set up a revenue stream that lasts for decades.

Five percent of the profits

Chicago would take 5% of net income from Stonepeak and Chicago Parking Meters LLC, an estimated $376.2 million through 2083, earmarked for underfunded pensions.

The mayor was a bystander

The city's Law Department gave technical help to the five-member Council negotiating team. Beyond that, Johnson sat out.

What was never there before

Finance Chair Pat Dowell listed pieces absent from the old proposal: profit-sharing, transfer fees, money back when the company overcharges, longer review of any future transfer.

“It's a much better deal for the city and for taxpayers.”

Johnson's buyback that died

The mayor bid $3.2 billion to take the meters back, then dropped it. Unwinding the deal wasn't worth the risk, financially or politically.

The hot potato

Johnson handed the decision to the City Council with no guidance on Stonepeak's bid. Dowell says they took the bull by the horns.

“We didn't go around him.”

$75 million at closing

If the sale closes, Stonepeak pays a $75 million transfer fee straight to city employee pension funds that are near insolvency.

A cut of the next sale

If Stonepeak ever flips the meters to another buyer, Chicago collects 2% of that sale price, also earmarked for pensions.

Closing a street costs less

Today the city pays Chicago Parking Meters for every space pulled out of service. The deal allows seven city events a year and raises the closure payment threshold from six hours to ten.

True-ups without draining coffers

Any true-up payments owed would come from available settlement credits or from convenience fee and reserve meter revenue, not the general fund.

The Latino Caucus objection

Alderpersons united against Stonepeak over its 2025 purchase of Omni Air International, which flew long-haul deportation flights for Homeland Security during Trump's campaign.

Stonepeak agrees to sell

To win Hispanic alderpersons over, Stonepeak committed to selling Omni Air International and to confirm the sale with a certified document after federal approvals.

Charging stations on dead blocks

Entire non-metered blocks could become electric vehicle charging sites, with the charging revenue split between the company and the city.

How Chicago got here

Mayor Richard M. Daley leased 36,000 meters for 75 years for $1.15 billion and used the cash to dodge a property tax hike while pensions sank. Investors have nearly doubled their money with 57 years left.

The no vote proven wrong

Scott Waguespack was one of five votes against the original lease and long called it ironclad. Tapped for the talks, he says they broke it open for the first time.

“We've come up with a deal that not only is great for taxpayers. It will set the tone for future deals.”

Lock it to the pensions

Waguespack wants the profit-sharing guarantee written into the ordinance so aldermen can't raid it. Johnson praised the terms Tuesday but still would not urge a yes vote.

“The one thing we don't want is for aldermen to think this is something where everybody can just reach in and take what they want.”