CHICAGO URBAN DAILY
CHICAGO (CHICAGO URBAN DAILY)—Chicago’s most infamous parking deal just got a sequel.
The City Council approved the $2.53 billion transfer of the city’s parking meters to Stonepeak Partners, a New York investment firm — but the road to the vote was pure City Hall drama.
Mayor Brandon Johnson secretly entered the bidding himself, submitting four offers topping out at $3.2 billion — nearly $700 million above Stonepeak’s winning bid — without consulting the council. Then he abandoned the offer after deciding the risk wasn’t worth the reward, and the council learned of his bids only after he dropped out.
This time, the tables turned. Council leaders led by Finance Chair Pat Dowell and former chair Scott Waguespack negotiated better terms in confidence, keeping a firewall between the council and the mayor’s office. Johnson was briefed only after the deal was done.
“We delivered to all of Chicago a better deal than we delivered in 2008,” Dowell said. “This deal is 10 times better than the deal in 2008” — the original 75-year lease that has haunted Chicago taxpayers for a generation.
The approval landed at the same Tuesday meeting where the council voted 32-15 to raise the borrowing threshold to 30 votes, three shy of veto-proof — the latest volley in the $882.4 million budget standoff between Johnson and the council.
Stay tuned to Chicago Urban Daily for every vote that shapes your wallet.
Reported by Chicago Urban Daily News. Visit chicagourbandailynews.com for updates.
