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Metered Parking Concession Transfer

At a glance

  • What: Council approved the sale of the owners' interests in Chicago Parking Meters, LLC (the company that runs the city's metered parking under the 2008 concession, restated in 2013) to affiliates of Stonepeak Partners LP, together with a Third Amendment to the concession agreement.
  • Result: Substitute ordinance SO2026-0025407 passed 46 to 3 on September 29, 2026 (Hall, Sigcho-Lopez and Ervin voted no). It was first deferred and published at a special meeting on September 25.
  • Money: The company pays the City $75,000,000 (the "Community Benefits Funds"); future sales pay the City 2 percent of the sale price; the City gets 5 percent of the concessionaire's calculated net income each year. All of it is earmarked for the City's pension contributions, with the split among pension funds left to Council.
  • Deadline: The approval is revoked if, by the earlier of the end of 2026 or ten days after the sale closes, the City has not received the $75,000,000 and the Third Amendment and reaffirmation certificates have not been signed and delivered.

How it moved

  • Parties: the sellers are Deeside Investments, Inc. (whose indirect owners include Allianz SE and the Abu Dhabi Investment Authority) and Morgan Stanley infrastructure entities, who together hold 100 percent of the concessionaire. The buyer is a group of Stonepeak affiliates. The concessionaire asked the City for approval on March 12, 2026.
  • Committee: the Committee on Finance, chaired by Dowell, recommended passage on September 24 by voice vote with two dissents, Ervin and Hall.
  • September 25 special meeting: called by Dowell, Lee and Waguespack for this ordinance only. The Finance report was deferred and published at the request of Dowell and Waguespack. One member of the public, George Blakemore, addressed Council; no written comments were filed. Six members attended remotely under Rule 59, giving a quorum of 48.
  • September 29: on motion of Dowell the substitute ordinance passed 46 to 3. Mitchell's motion to reconsider was lost.

What the Third Amendment adds

  • Employee standards for the concessionaire and its operator, including non-discrimination and employee-protection terms.
  • Data protection: data collected by the metered parking system is not to be shared with federal immigration enforcement authorities except as required by law or permitted by the agreement.
  • Required Closures: the City may close metered spaces for up to ten hours (instead of six) for seven named annual events (Bud Billiken Parade, Chinese Lunar New Year Parade, Mexican Independence Day Parade in Little Village, Pride Parade, Riot Fest, Southside Irish St. Patrick's Day Parade and the Toys for Tots Parade), with the City able to swap in other events of no greater size.
  • The City and concessionaire will examine on-street electric-vehicle charging and cooperate on new technology; the concessionaire reports on employees located in disadvantaged areas.
  • A change-in-control definition that treats transfers of 50 percent or more as a change of control, with exceptions for affiliates, public offerings and transfers by existing equity participants who keep more than half of board-election rights.
  • For future sales: the Chief Financial Officer has 30 days to recommend approval or denial and Council must vote within 90 days of receiving that recommendation. Section 15 of the 2008 ordinance is repealed. An annual audit of convenience-fee revenue and wallet interest is required.

Sources

Log

2026-09-29 - City Council

Passed 46 to 3 on Dowell's motion. Nays: Hall, Sigcho-Lopez and Ervin. Clay is not recorded as voting.

In floor debate, opponents likened the deal to the 2008 parking meter agreement and cited an artificial deadline and the lack of independent financial analysis; supporters pointed to the $75 million pension payment, a profit share and a 2 percent share of any future sale. A motion to reconsider was lost.

2026-09-25 - City Council

Special meeting called for this item alone; Finance Committee report deferred and published.

2026-11-02 - City Council (Special Meeting)

Special City Council meeting 11/2 to allocate concession payments among the four pension funds (MEABF, PABF, FABF and LABF) under ordinance O2026-0029681. The text cites the $75,000,000 initial transfer fee, a 2% fee on future transfers and a 5% city profit share. Vote result not yet available (no minutes posted); video is linked on the meeting page.