CHICAGO (WGN) — In a bold and massively expensive proposition, Chicago Mayor Brandon Johnson is reportedly considering buying back Chicago parking meters. To do so, the administration would need to buy out the remaining 57 years of the lease, at a likely price tag of billions, not millions.
In a now-infamous decision, in 2008, under Mayor Richard Daley, the city sold the parking meters to a consortium led by Morgan Stanley, Allianz Capital Partners, and the sovereign wealth fund of Abu Dhabi—the deal: $1.15 billion for 75 years of control over the meters.
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Revenue reached 160 million in 2024, and the purchasers have already recouped their initial investment. But among the unanswered questions is the cost of taking back control of the meters? How will the city raise the money needed? And how far along are the mayor and his team in their push to take back control of the meters?
Closing a deal would require the City Council’s sign-off, but key members say they’ve not been briefed. Chicago Ald. Bill Conway (34th Ward) also acts as vice chair of the city’s Finance Committee. Speaking with WGN-TV on Monday, he weighed in on the development…