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Story summary
- Chicago alderpersons reached an agreement with Stonepeak Partners to sell the city’s parking-meter system.
- The deal includes a $75 million lump-sum transfer fee to Chicago.
- Chicago will receive 5% of future profits, estimated at $376.2 million over the lease remainder.
- Stonepeak also agreed to sell Omni Air International, a charter airline used for ICE deportations.
- City Council must vote by Sept. 30, or the deal could move to arbitration or a costly lawsuit.