The parking meter deal Chicagoans love to hate is poised for another sale

May 18, 2026 - 17:32

The long-controversial parking meter lease that has frustrated Chicago drivers for years is heading toward a new sale, raising the possibility of revised terms. The current private operator, which took over the city's parking meters in a 75-year deal back in 2009, is reportedly preparing to sell its stake. This has prompted City Council members to signal they will push for significant improvements in the concession contract under a new owner.

The original agreement, struck during the Daley administration, gave a consortium control over roughly 36,000 metered spaces in exchange for a $1.16 billion upfront payment to the city. Critics have long argued the deal was a financial disaster, locking Chicago into high rates and limited public control. Since then, meter rates have soared, and enforcement has been aggressive, fueling public resentment.

Now, with a potential sale on the horizon, aldermen are calling for renegotiated terms that could lower rates, increase transparency, and give the city more flexibility. Some are demanding a share of any future sale proceeds, while others want the ability to adjust hours or pricing without penalty. The mayor's office has not yet commented on the specifics, but the council's push suggests a more contentious process this time around. The sale could close within months, depending on regulatory approvals and negotiations.