Chicago could pay $15.5M in parking meter settlement

CHICAGO (WLS) -- Chicago could pay a big settlement to the company that operates parking meters across the city.

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The $15.5 million payment would resolve multiple disputes over revenue.

Under the agreement, Chicago will also commit to one year of enhanced parking enforcement, according to a city spokesperson. All citation revenues go directly to the City.

"This agreement brings an end to years of costly litigation at a fraction of the potential financial exposure," said Corporation Counsel Mary B. Richardson-Lowry. "It resolves three claims: the City's alleged failure to enforce meter violations as required under the concession agreement; the suspension of parking tickets during the height of the pandemic; and a later dispute over the distribution of meter revenue between the City and CPM."

The amount is less than 5% of Chicago Parking Meters L.L.C.'s original demand.

The City Council's Finance Committee is expected to vote on it on Monday.