Council Approves $2.5 Billion Parking Meter Sale, With City Set To Get Share Of Profits

Chicago City Council approved Tuesday a parking meter deal that returns revenue share to the city for the first time since the meters were sold in 2008. Under the agreement, Chicago will receive 5% of the parking system’s revenue, expected to total about $375 million over 57 years, with the money earmarked for city pensions. The city will also receive a $75 million payment at closing as Stonepeak Partners’ $2.5 billion purchase of the operation from Chicago Parking Meters LLC moves forward. The vote was 46-3, with Aldermen William Hall, Byron Sigcho-Lopez, and Jason Ervin voting no, and the Sept. 30 deadline looming.