Chicago’s parking meters could soon have a new owner, but what would that mean for the city’s drivers?
The meters have been privatized since 2008 when the city sold them off in a deal that’s been called “A Lesson in Worst Practices.”
“It’s clear that these agreements were ironclad in screwing over Chicagoans. So, we want to make sure that nothing like that occurs again,” said Ald. Andre Vasquez from the 40th Ward.
The city’s privatized parking meters have changed hands since 2008, and now, they could again. Mayor Brandon Johnson’s office confirmed a New York investment firm called Stonepeak Partners wants to buy the meters. The sale is subject to City Council approval. The purchase price has not been revealed, but it is almost definitely in the billions.
“This is a firm with $80-some billion in assets. They’re an expert on infrastructure investment. They know what they’re doing. They’ve seen every trick that goes into deals like this,” said David Greising from the Better Government Association.
The company that owns the meters, which is aptly named Chicago Parking Meters LLC, has been looking to sell them. The city floated the idea of buying them back this year but ultimately decided the price tag was too high.
“The one good thing that happened in 2008 is that there is a clause that indicates that City Council must approve the sale,” said Ald. Mike Rodriguez from the 22nd Ward.
So, if the meters change hands again, could taxpayers benefit or be worse off?
“There’s not a way to really change this thing unless it’s to essentially add more meters or increase prices,” said Ald. Scott Waguespack, who was a “no” vote on the original deal in ’08.
One possible impact Waguespack does see from the sale is parking rates and app fees could increase.
“Not even a pandemic could change this agreement, so I don’t think the City Council coming in and talking about making changes is a possibility, but we’ll see,” he said.
The ordinance will be introduced in City Council Wednesday. Aldermen said they have not yet seen the details.
