Johnson Administration's $3.3 Billion Parking Meter Bid Emerges as Stonepeak Seeks Approval for $2.5 Billion Deal
Updated
Updated · Block Club Chicago · Jun 25
Johnson Administration's $3.3 Billion Parking Meter Bid Emerges as Stonepeak Seeks Approval for $2.5 Billion Deal
1 articles · Updated · Block Club Chicago · Jun 25
Summary
$3.3 billion — about $800 million above the next-highest offer — was the amount Mayor Brandon Johnson's administration secretly bid last fall to retake Chicago's parking meters, alderpeople learned at a finance committee hearing.
James Wyper of Stonepeak, not city officials, disclosed the figure after city attorney Jim McDonald said the bid was covered by a confidentiality agreement and refused to answer council questions.
Stonepeak said it bid about $2.5 billion and won after the city walked away; the New York-based firm is now seeking City Council approval to take over the meter rights.
Ald. Matt O'Shea and other council members blasted the mayor and the law department for withholding the bid details for months, while no one from the mayor's office appeared at the hearing.