What could happen if city council does not approve sale of Chicago's parking meters

CHICAGO (WLS) -- Mayor Brandon Johnson says approving the sale of the city's parking meters from one private company to another is all up to the Chicago City Council.

He says legally, his only responsibility is to make sure alderpersons have access to information about the sale.

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It is the one thing the mayor and all 50 alderpersons agree on: The infamous 2008 parking meter deal is awful.

But the city is stuck with that deal for decades. By law, the city council must sign off on sales, so what happens if alderpersons do not approve a sale between Morgan Stanley and Stone Peak, a New York investment firm?

"As far as you know, the ramifications of any decision, you know, look, I think that is something that the city council is going to have to heavily consider," Johnson said.

Litigation against the city may be the result if the deal is not approved. Ald. Bill Conway is hopeful that will not happen.

"We're all going to keep moving forward, and hopefully, as a result, everyone at least will be happy with the pace of how things are moving. So, I don't really foresee this going to litigation," said Conway, who represents the 32nd Ward.

But on Monday, alderpersons put the brakes on the sale, delaying a key hearing.

"We're trying to hold it so we can review it thoroughly, because we don't have a team of lawyers upstairs like the mayor does," said 9th Ward Ald. Anthony Beale.

City council members plan to use the extra time to pour over hundreds of pages of documents submitted by Stone Peak. While the parking meter deal is ironclad, some alderpersons are hoping to find a window for any concessions.

"There are some things I believe that we could look at to make sure that this company will be a good citizen to the people of this city," Beale said.

And some mayoral allies want more time to investigate Stone Peak's ties to an airline that transported immigrants for ICE. The mayor says his only role in the sale is to make sure Stone Peak talks directly with city council.

"I'm doing what I'm required to do. I believe the city council is going to deliberate intentionally as they should. As far as the outcome, that relies solely on the city council to make decision," Johnson said.

The key hearing delayed on Monday was rescheduled for June 25. Stone Peak is hoping for a full city council vote in July. If not, September would be the next opportunity because there is not a city council meeting scheduled in August.