Sep 29, 2026 · 24 min · 13 segments
Crain's contributor Judith Crown joins host Jeanne Sparrow for a conversation about where…
Jeanne SparrowHost
Judith CrownGuest
Chicago's infamous long-suffering parking meter saga just wrote a brand new chapter.
In a 46-3 landslide Tuesday, the Chicago City Council voted to approve a $2.53 billion deal transferring control of the city's meter system to private equity firm Stone Peak Partners.
Crane's Justin Lawrence reports the deal brings a conclusion to months of heated debate at City Hall.
The original 2008 deal, struck under former Mayor Richard M. Daley, handed control of the city's meters to a Morgan Stanley-led group for 75 years.
In exchange for the council's stamp of approval, Chicago secures an immediate $75 million lump sum payout, along with a 5% cut of future net profits, estimated to bring in more than $376 million over the rest of the lease.
City leaders say those funds will go straight towards Chicago's underfunded public pensions.
Finance Committee Chair Alderman Pat Dowell helped broker the compromise, arguing it was the best realistic outcome for taxpayers without risking a costly lawsuit.
Alderman Nicole Lee echoed that sentiment, calling it a rare chance to correct a historic mistake.
Budget Committee Chair Alderman Jason Irvin voted against the transfer, accusing his colleagues of cowering and settling for scraps.
Alderman William Hall also voted no after his last-minute request for a $10 million ticket debt relief fund went unanswered.
Mayor Brandon Johnson briefly explored buying back the meter system entirely earlier this year, but backed off after encountering a staggering $3.2 billion price tag.
Aldermen are already preparing companion legislation to raise parking rates, potentially tying future hikes to inflation, and slapping non-Chicago residents with a higher surcharge to park on city streets.
Chicago's infamous long-suffering parking meter saga just wrote a brand new chapter.
In a 46-3 landslide Tuesday, the Chicago City Council voted to approve a $2.53 billion deal transferring control of the city's meter system to private equity firm Stone Peak Partners.
Crane's Justin Lawrence reports the deal brings a conclusion to months of heated debate at City Hall.
The original 2008 deal, struck under former Mayor Richard M. Daley, handed control of the city's meters to a Morgan Stanley-led group for 75 years.
In exchange for the council's stamp of approval, Chicago secures an immediate $75 million lump sum payout, along with a 5% cut of future net profits, estimated to bring in more than $376 million over the rest of the lease.
City leaders say those funds will go straight towards Chicago's underfunded public pensions.
Finance Committee Chair Alderman Pat Dowell helped broker the compromise, arguing it was the best realistic outcome for taxpayers without risking a costly lawsuit.
Alderman Nicole Lee echoed that sentiment, calling it a rare chance to correct a historic mistake.
Budget Committee Chair Alderman Jason Irvin voted against the transfer, accusing his colleagues of cowering and settling for scraps.
Alderman William Hall also voted no after his last-minute request for a $10 million ticket debt relief fund went unanswered.
Mayor Brandon Johnson briefly explored buying back the meter system entirely earlier this year, but backed off after encountering a staggering $3.2 billion price tag.
Aldermen are already preparing companion legislation to raise parking rates, potentially tying future hikes to inflation, and slapping non-Chicago residents with a higher surcharge to park on city streets.
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