Overview
- Mayor Brandon Johnson said the city will not seek to purchase the parking meter system, ending days of speculation about a potential bid.
- He concluded a buy-back would cost far more than the 2008 deal and could tie Chicago to years of debt dependent on raising fees.
- The meter system brought in more than $160 million in 2024, and investors have already recouped their original investment under the 75-year lease.
- Major investors tied to Morgan Stanley, Allianz and Abu Dhabi have been marketing the asset, which prompted City Hall to conduct due diligence.
- Current and former officials urged caution and recommended using the city’s approval authority over any ownership transfer to negotiate concessions.