Chicago's parking meter deal gets a second chance

City Council negotiates benefits from a New York firm's $2.5 billion acquisition of the city's meters.

Sep 16, 2026

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Chicago's parking meter deal gets a second chance

City Council negotiates benefits from a New York firm's $2.5 billion acquisition of the city's meters.

In brief

City Council negotiates benefits from a New York firm's $2.5 billion acquisition of the city's meters. Chicago could earn at least $376 million in profit-sharing from a new parking meter deal that includes benefits for motorists, unlike the disastrous 2008 agreement. Originally reported by Chicago Sun-Times.

A new parking meter deal

City Council leaders brokered a deal for Stonepeak Partners to buy Chicago's parking meters for $2.5 billion, with benefits for the city and drivers.

Unlike Daley's despised deal

This agreement differs from former Mayor Richard M. Daley's long-hated parking meter deal by including lucrative benefits for Chicago.

Profit sharing arrangement

The deal includes 5% of net income from Stonepeak and Chicago Parking Meters LLC, expected to generate at least $376.2 million by 2083.

Closing the budget gap

The deal could help address Chicago's $882 million budget shortfall and create a new revenue stream for the city.

Money for pensions

The profit-sharing payments will be earmarked for Chicago's underfunded city pensions.

Latino Caucus opposition

The City Council's Latino Caucus united against Stonepeak because it acquired Omni Air International, which provides deportation flights for Homeland Security.

Stonepeak agrees to sell airline

To appease Latino Caucus members, Stonepeak committed to selling the charter airline that conducts deportation flights.

Mayor Johnson was sidelined

Mayor Brandon Johnson was a bystander in the negotiations. The Law Department assisted a five-member City Council team.

Gun fired on school bus

A bus aide left a bag with a gun on a school bus. A student found it and fired it near a 12-year-old boy with autism.

Mother's terror

Laquita Anderson raced to her son Jimele Richardson's school after learning about the incident. Now he's scared of the bus and struggling to sleep.

“What happened?”

Bus aide charged

Steven Dixon Jr., 22, was charged with felony possession of a firearm on school property and misdemeanor child endangerment and reckless conduct.

DIY bus stop benches

The Northwest Neighborhood Alliance has been building wooden benches at bus stops without seating. They say it's an accessibility issue and matter of dignity.

Benches are technically illegal

The group wants to build more benches but is waiting to see what the city does because the benches violate city rules.

Most stops lack seating

The CTA has nearly 11,000 bus stops, many without benches. The city removed benches over the last decade to deter loitering.

Broadview Six seek special counsel

Attorneys for the acquitted protesters argue that significant failings by U.S. Attorney Andrew Boutros show the need for an independent investigation.

Chaka Khan's big year

Chicago native Chaka Khan, 73, has had a viral performance, a West End musical debut, a lifetime Grammy, and a Library of Congress honor in 2026.

“It's been nice and peaceful, and I am able to do what I really want to do with the music. I always wanted to feel this free with my music.”

The short version

Chicago could earn at least $376 million in profit-sharing from a new parking meter deal that includes benefits for motorists, unlike the disastrous 2008 agreement.

Read the original on Chicago Sun-Times

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