Chicago aldermen say they've reached new parking meter deal, including profit share
Stonepeak also agreed to sell off stake in company that provides deportation flights for Department of Homeland Security
CHICAGO (WLS) -- A group of Chicago aldermen say they've reached a new deal with the company that wants to buy the city's parking meters.
The sale to Stonepeak Partners requires City Council approval.
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But a vote over the original deal was delayed due to pushback from city aldermen who criticized the process.
The new proposal includes a $75 million payment to the city plus a sharing of profits on an annual basis.
Stonepeak also agreed to sell off its stake in a company that provides deportation flights for the Department of Homeland Security.
Mayor Richard M. Daley first sold off the rights to the city's parking meters for more than a billion dollars in 2008.
It's believed the return on that sale has doubled in the years since.
