Chicago City Council committee expected to vote on transfer of ownership of parking meters

CHICAGO (WLS) -- A Chicago City Council committee could take the city one step closer to a new parking meter deal.

The city's Finance Committee is expected to vote Monday on the owner transfer of the Chicago's parking meters.

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The city had bid as much as $3.2 billion to try and buy the parking meter system, before abandoning the effort.

The bid was made last year, but recently made public due to a non-disclosure agreement. This caused some aldermen to question the administration's transparency.

Mayor Brandon Johnson defended his administration's actions.

Stonepeak is seeking to buy the city's parking meters from the current company that owns them.

Some aldermen are still seeking some type of concessions from Stonepeak before deciding whether to approve the transfer.

The resale of the parking meters still requires City Council approval.

The council has a July 24 deadline to approve the sale or risk a lawsuit.