Chicago city council members have announced a new agreement to sell the city's parking meters to investment firm Stonepeak Partners. Alderpeople stated the deal has been renegotiated, including additional benefits for the city.
The owners of the parking meters reportedly offered Chicago $75 million to finalize the sale. This comes after a previous $2.53 billion sale had stalled. The new agreement is said to include a profit-sharing component for Chicago.
City aldermen indicated that "sweeteners" were part of the negotiated terms for the parking meter deal. This is a developing story and will be updated as details emerge.
