A group of Chicago alderpeople announced a newly brokered agreement allowing Stonepeak Partners to acquire Chicago’s parking meters in a transaction valued at $2.5 billion to $2.53 billion, according to reports from Chicago Sun-Times and ABC7 Chicago. Stonepeak Partners first asked the City Council to approve the sale from Chicago Parking Meters LLC in July, encountering substantial opposition before leaders brokered the updated proposal.
Deal Reached to Sell Chicago Parking Meters
The original 75-year lease of the city’s 36,000 parking meters was executed in 2008 under former Mayor Richard M. Daley for $1.15 billion. Records show the private consortium generated $1.97 billion in revenue between 2009 and 2024, approximately $500 million more than the upfront payment. Mayor Brandon Johnson previously submitted a $3.2 billion bid to take back the parking meters, but abandoned the effort after concluding the financial and political risks were too high, leaving the City Council to evaluate Stonepeak’s acquisition.
New Concessions and Financial Terms
The revised proposal incorporates several financial benefits and provisions absent from previous iterations. The agreement includes a $75 million payment to the city and a profit-sharing arrangement equal to 5% of the net income received by Stonepeak and Chicago Parking Meters LLC. This profit share is projected to yield $376.2 million for the city through the remainder of the agreement, which expires in 2083.
Additional financial mechanisms include a transfer fee of 2% of the sale price if Stonepeak ever sells the meters to another buyer. Funds generated from these provisions are earmarked for the city’s pension funds and to help chip away at Chicago’s $882 million budget gap. The deal also modifies terms requiring the city to compensate Chicago Parking Meters LLC whenever parking spaces are removed from service for construction or special events.
Divestment from Omni Air International
To address concerns raised by Hispanic alderpeople, the agreement requires Stonepeak to sell off Omni Air International, a company acquired by Stonepeak in 2025 that maintains a contract with the Department of Homeland Security for long-haul deportation flights. James Wyper, Stonepeak’s senior managing director, told a City Council committee that the firm viewed the Trump administration’s mass deportation effort as abhorrent and was actively attempting to sell Omni Air. Under the terms of the agreement, the sale of Omni Air must be verified through a certified document following federal approvals.
Electric Vehicle Charging and Next Steps
The proposal also establishes provisions allowing entire non-metered city blocks to be designated as electric vehicle charging stations, with the resulting revenues split between the city and the company.
The agreement requires approval from the Chicago City Council. A final vote by the Finance Committee could occur as soon as Sept. 21, with a full City Council vote as early as Sept. 23. Ald. Pat Dowell (3rd Ward), chair of the Finance Committee, stated that the agreement marks a departure from the 2008 deal by offering long-term benefits for city government and taxpayers. Mayor Brandon Johnson expressed hope that the City Council would approve the agreement, describing it as a better deal for taxpayers while maintaining his past characterization of the original 2008 arrangement.
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