The Brief
- Chicago City Council’s proposed deal to sell the remaining 57 years of the parking meter lease to Stonepeak is facing opposition ahead of a Sept. 30 deadline.
- Finance Chair Pat Dowell delayed the vote to give aldermen more time to review the agreement, while critics want changes including a larger share of profits for the city.
- The City Council is expected to revisit the deal Tuesday, with supporters saying they have enough votes to pass it.
CHICAGO – Chicago’s plan to finally get something back from the infamous 2008 parking meter deal ran into trouble Friday, after finance chair Pat Dowell chose to defer and publish the measure after sensing opposition to the ordinance.
Dowell says Corporate Counsel Mary Richardson-Lowry has advised all parties that the deal must be approved by Sept. 30, or risk hundreds of millions of dollars in arbitration.
The deal allows New York firm Stonepeak to buy the remaining 57 years of the Chicago Parking Meter deal in exchange for a $75 million payment toward the city’s pension debt. In addition, the city would get 5% of net profits annually and a 2% return on any future sale of the parking meters.…