Chicago parking meter deal heads to City Council for final vote By Brandon Pope FOX 32 Chicago Chicago City Council Published September 24, 2026 6:29 PM CDT Share Copy Link Email Facebook Twitter LinkedIn Reddit Published September 24, 2026 6:29 PM CDT Revised Chicago parking meter deal moves forward Chicago's parking meter deal has frustrated drivers for nearly two decades. Now, a new company is poised to take over and City Hall says it finally got something in return. The finance committee approved the sale on Thursday. The Brief Chicago's Finance Committee approved the proposed sale of the city's parking meter concession to Stonepeak, sending the deal to the full City Council for a vote. The revised agreement includes a $75 million pension contribution, a 5% share of future profits and 2% of proceeds from any future sale of the concession. Some alderpeople support the deal as an improvement over the 2008 lease, while others oppose it, raising equity concerns. The City Council must approve the agreement within six days to avoid potential arbitration costs. CHICAGO - A deal that could change who controls Chicago’s parking meters is one step closer to approval.  The City Council's Finance Committee voted Thursday to approve the sale of the parking meter concession to New York-based investment firm Stonepeak. The proposal now heads to the full City Council after alderpeople negotiated additional benefits for the city. Parking meter deal moves forward The backstory: Under the revised agreement: Stonepeak would contribute $75 million to the city's pension funds. The city would receive a 5% share of future profits. The city would receive 2% of the proceeds from any future sale of the parking meter concession, which has 57 years remaining. Finance Committee Chair Ald. Pat Dowell and other supporters said the revised terms improve on the city's widely criticized 2008 parking meter lease, arguing the agreement secures additional financial benefits. The other side: Not all alderpeople support the deal. Ald. William Hall raised concerns that Black Chicagoans are not adequately benefiting from a system that generates significant revenue. The proposal now moves to the full City Council, where members are expected to debate it Friday during a special meeting with the parking meter deal as the only item on the agenda.  The city has six days to approve the agreement. If the measure fails Friday, the council is expected to meet again Tuesday. City officials have warned that failing to approve the deal by the deadline could expose the city to millions of dollars in arbitration costs. The Source: The information in this report came from the Chicago City Council Finance Committee meeting, statements from Chicago alderpeople, and city documents outlining the proposed parking meter concession agreement with Stonepeak. Chicago City Council Chicago Cars and Trucks News Trending Chicago City Council weighs renewing CTA police contract amid drop in crime
Curated by Taleb Kabbara · Source: www.fox32chicago.com