Overview

• City attorneys have recommended a $15.5 million settlement with Chicago Parking Meters LLC to resolve three disputes stemming from the 2008 parking meter lease deal.
• The settlement amount is significantly lower than the $322 million initially demanded by the company and the $120.7 million recommended by an arbitrator.
• The disputes include claims of revenue shortfalls linked to former Mayor Lightfoot’s pandemic-era enforcement suspension and space reclassifications.
• As part of the agreement, the Johnson administration has committed to one year of enhanced parking enforcement and may grant the company control over additional parking spaces for revenue purposes.
• Critics continue to highlight the long-term consequences of the 2008 lease, which has already generated hundreds of millions in profit for the private operator while limiting the city's flexibility in urban planning.