Finance Committee backs $2.5 billion sale of Chicago parking meters after sweetening lopsided deal
The Chicago City Council’s Finance Committee approved a $2.53 billion bid from Stonepeak Partners to acquire the city's parking meters. The deal includes modifications intended to reduce the financial burden on taxpayers compared to the original 2008 lease agreement.
The City Council’s Finance Committee on Thursday approved New York investment firm Stonepeak Partners’ $2.53 billion bid to acquire Chicago parking meters, along with a compromise aimed at making the widely despised meter deal less onerous for taxpayers.“We were handed a lemon and we made lemonade,” Finance Chair Pat Dowell (3rd), one of a handful of City Council leaders who helped broker the deal, told fellow committee members. Calling former Mayor Richard M. Daley’s 2008 decision to lease…
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