Full Breakdown
Chicago Aldermen Near Approval of Revised Parking-Meter Sale to Stonepeak Partners
By Drooid · · How we work
New Deal with Stonepeak Partners
A coalition of Chicago aldermen announced that they have reached a tentative agreement with New York-based Stonepeak Partners to sell the city’s parking-meter system. The proposal would provide the city with a $75 million lump-sum transfer fee and a 5 percent share of future net operating revenue, which aldermen estimate could total roughly $376.2 million over the remaining term of the 75-year lease. The deal also requires Stonepeak to divest its ownership of Omni Air International, the charter airline used for U.S. Immigration and Customs Enforcement deportation flights, and to adopt new employee-residence and street-closure provisions.
Background of the 2008 Meter Lease
In 2008, Chicago Parking Meters LLC—led by Morgan Stanley—secured a 75-year lease for about 36,000 meters for $1.15 billion under then-Mayor Richard M. Daley. Critics have long described that contract as “disastrous,” noting that the system now generates billions more than the original sale price and has become a focal point for council reform efforts ahead of the 2027 municipal elections.
Financial Terms and Concessions
Under the revised pact, Stonepeak would receive the lease while the city gains the $75 million payout and profit-sharing. Additional concessions include:
- Requirement that at least half of the system’s employees reside in Chicago.
- Relaxed rules allowing the city to shut down streets more easily and cheaply.
- Pending negotiations on revenue sharing from future electric-vehicle charging stations at parking spots, with details to be finalized before the Sept. 30 deadline for council approval.
Official Statements
Mayor Brandon Johnson, who has deliberately avoided endorsing or opposing the sale, said:
> “Quite frankly, some people didn’t think we could come up with a better agreement. I always believed that there was a pathway forward to get a better deal,” — Brandon Johnson, mayor
Finance Committee Chair Alderman Pat Dowell (3rd Ward) expressed optimism that the council would support the package and urged the mayor to help gather votes.
Criticism and Remaining Issues
Some aldermen and community groups remain uneasy about Stonepeak’s prior ownership of Omni Air International, citing its role in federal deportation flights. Others have criticized the mayor’s administration for limited transparency on the deal’s specifics. A spokesperson for the negotiating aldermen declined to comment on projected earnings from the planned EV-charging stations, and the council must vote on the agreement next week or risk arbitration or litigation that could cost the city billions.