City Council signs off on $2.5B parking meter sale — after making it a little better
The Chicago City Council approved a $2.53 billion deal for an investment firm to acquire city parking meters. The agreement includes modifications intended to be more favorable to taxpayers than the original long-term contract.
Nearly 20 years ago, then-Mayor Richard M. Daley struck a deal that allowed him to avoid raising property taxes, but has come back to haunt him and Chicago ever since.On Tuesday, the City Council took a vote that made that lopsided agreement a little less onerous for Chicago taxpayers.The Council gave final approval to New York investment firm Stonepeak Partners’ $2.53 billion bid to acquire Chicago parking meters after Council leaders brokered a compromise to sweeten the sour deal for the…
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