The owner of Chicago’s parking meters is seeking to sell the asset to a New York investment firm — but the deal requires approval from City Council.
Mayor Brandon Johnson’s office on Monday confirmed the tentative agreement between Chicago Parking Meters LLC and New York-based Stonepeak Partners.
The deal, which would change ownership of the meters and who collects their profits, now sits before City Council, which could seek concessions in favor of the city before approving it.
The tentative sale is the most recent development in the fight for parking assets.
In January, Johnson considered purchasing the 57 years that remain on the infamous 75-year parking meter deal, made in 2008 under former Mayor Richard M. Daley.
Doing so would have required the city to borrow billions of dollars. But Johnson later dropped the city’s bid after determining the $3 billion asking price, he said then, “would have made a bad deal even worse.”
Related Posts:
- Council panel backs deal ensuring 2,800 affordable housing units for people with disabilities Uncategorized Chicago must ensure the availability of 2,000 affordable housing units for people with disabilities and 800 units for hearing and visually-impaired residents, under a $2.25 million settlement advanced Monday by a City Council committee. Last week, the Chicago Sun-Times reported the cash portion of the settlement with Access Living, an…
- Council panel backs deal ensuring 2,800 affordable housing units for people with disabilities News Chicago must ensure the availability of 2,000 affordable housing units for people with disabilities and 800 units for hearing and visually-impaired residents, under a $2.25 million settlement advanced Monday by a City Council committee. Last week, the Chicago Sun-Times reported the cash portion of the settlement with Access Living, an…
- Teary-eyed John Travolta says he ‘could’ direct again as he accepts surprise Palme d’Or Entertainment Hollywood star John Travolta was awared a surprise honorary Palme d’Or on Friday night (PIicture: AFP via Getty) John Travolta was visibly overcome on Friday night after receiving a surprise honorary Palme d’Or as he premiered his directorial debut at the Cannes Film Festival. The 72-year-old Hollywood superstar, who reflected…
- Review: Bruno Mars shows why he’s everyone’s favorite showman at sold-out Chicago concert Uncategorized Before Bruno Mars took the stage for The Romantic Tour’s sold-out Soldier Field show on Saturday, Anderson .Paak performed a DJ set organized by decade. Disguised as DJ Pee.Wee — silky bob wig and all — the artist, who is touring with Mars, played hits by ABBA and Whitney Houston…
- Review: Bruno Mars shows why he’s everyone’s favorite showman at sold-out Chicago concert News Before Bruno Mars took the stage for The Romantic Tour’s sold-out Soldier Field show on Saturday, Anderson .Paak performed a DJ set organized by decade. Disguised as DJ Pee.Wee — silky bob wig and all — the artist, who is touring with Mars, played hits by ABBA and Whitney Houston…
(Visited 1 times, 1 visits today)