Story thread · 4 reports / 4 sources

Proposal could claw back $451 million from infamous Chicago parking meter deal

nbcchicago.com · 6h · first reportShare

Chicago City Council members announced a potentially sweeping deal to get hundreds of millions of dollars back from the company attempting to purchase the city’s parking meters. It’s the first significant clawback since the city sold the meters away in 2008 in what is now considered one of the worst municipal deals in the city’s history. “We are getting something nobody thought we could get which is a renegotiated contract,” said 11th Ward Alderwoman Nicole Lee, who helped negotiate the deal with a company called Stonepeak , which has been attempting to purchase the meters from a consortium led by Morgan Stanley. In the potentially renegotiated contract, Stonepeak would agree to a one-time $75 million fee to the city plus 5% of all yearly profits going forward. With the one-time fee, City officials estimate the total to come out to around $451 million over the 50-plus years remaining on the contract. “We were really focused on how are we going to benefit the people of Chicago from some