Chicago City Council votes 46-3 to sell parking meters to Stonepeak Partners for $2.5 billion after compromise with city

The Chicago City Council voted 46-3 Tuesday to sell the city's more than 36,000 parking meters to New York-based Stonepeak Partners for $2.5 billion. The vote followed months of negotiations over a deal that has drawn comparisons to the 2008 agreement that leased the meters for 75 years in return for $1.15 billion.

The vote came after alders approved a compromise package that city officials said addresses some of the problems with the original contract, which was negotiated under former Mayor Richard M. Daley. The sale still required council approval, and members used the process to push for stronger local control and new financial protections.

Under the agreement, Stonepeak will become the new owner of Chicago's parking meters once the sale closes. The deal gives the city more authority over meter rates and operations than the 2008 lease allowed, according to the city. The city also gains a share of future revenue and the ability to remove or relocate meters for public projects without paying the full costs that were built into the old contract.

The compromise was reached after months of public hearings and negotiations that revisited one of the most criticized financial decisions in Chicago history. The 2008 deal, approved by the council under Daley, locked the city into a 75-year lease and produced years of disputes over rate hikes, broken meters, and lost revenue. City officials and residents have long called the agreement a bad bargain, and the new sale was framed as a way to reset terms while still bringing in money for the city.

Supporters of the deal said the $2.5 billion price and the added protections make it far better than the original lease. They argued the city had limited leverage because it was bound by the existing contract and needed a deal that could win council support. The compromise also includes provisions aimed at improving maintenance and service for the meters, which are operated under the ParkChicago brand.

Opponents, including the three alders who voted no, warned that selling the meters again repeats the mistake of turning public assets into private revenue. Some argued the city should have fought harder to regain full control rather than accept a new private owner, even with better terms.

The vote allows Stonepeak to complete the purchase. City officials said they expect the transaction to close in the coming months. When it closes, Stonepeak will take over ownership and operation of the meters. The city will continue to oversee compliance with the new contract through its departments, including oversight of rate changes and service standards.