Chicago City Council Approves $2.5 Billion Parking Meter Rights Sale to Stonepeak
Chicago's City Council has approved the sale of the city's parking meter rights to Stonepeak, a New York-based firm, for $2.5 billion. This transaction, which revises terms from the controversial 2008 privatization deal, prevents the city from regaining control of…
Chicago, IL, September 24, 2026 —
CHICAGO – The Chicago City Council has officially approved the sale of the city’s parking meter rights to Stonepeak, a New York-based investment firm, in a deal valued at $2.5 billion. The decision, made by the council, alters the existing framework established by the city’s controversial 2008 privatization agreement.
This transaction effectively means that the city of Chicago will not be able to regain control of its parking meters for the foreseeable future. The new accord establishes a revised financial arrangement between the city and the private operator.
Under the terms of the newly approved sale, the city of Chicago is set to receive a 5% share of the annual profits generated from the parking meters. Additionally, Stonepeak will provide a one-time transfer fee of $75 million to the city as part of the agreement.
The 2008 deal, which privatized the city’s parking meters, was met with significant criticism and public debate over its long-term implications for city revenue and control. The current approval by the City Council represents a revision of those original terms, reflecting a new financial settlement for the management and revenue streams associated with the city’s on-street parking infrastructure.
Story summarized from the original created by Mick Dumke on blockclubchicago.org, see more information here.
