Chicago Parking Meter Sale to Stonepeak Explained

I saw the news that the committee approved the parking meter sale to some new company, Stonepeak. I'm trying to figure out what this actually means for us. I have a part-time job that requires me to park on metered spots on Montrose a few times a week, and the rates already feel punishing. The old deal was a disaster for the city, we all know that. But does this change anything day-to-day? Are we just swapping one faceless private equity firm for another? I'm worried they'll find some loophole to raise rates faster, or the ParkChicago app will get even buggier. Does anyone who's followed this have a clear idea of what to expect?

Nothing. Literally nothing will change for you. The contract is the contract. The rate increases are already baked in for the next 60 years or whatever it is. All that happened is the original vultures sold their golden goose to a new set of vultures. The meters will still be broken half the time on Damen, the app will still crash when you're trying to extend your time, and the city will still get pennies on the dollar. It's just a shell game.

I don't know if I agree it's literally nothing, Rob. I read that the new company might actually invest in upgrading the hardware. I'd kill for that. Half the meters along Milwaukee Ave north of the junction are so faded you can't read the screen, and half the time they don't take cards. If a new owner makes it easier to actually pay, that's a small win. They have an incentive to fix broken meters since every broken one is lost revenue for them. Maybe we'll see fewer of those 'out of service' bags.

This whole thing is why I'm glad I don't have to deal with street parking. I just use SpotHero for a garage near the theater district when we come in for a show. Isn't most of the parking in your neighborhoods permit-only anyway?

Pat, you'd be surprised how much of the North Side relies on metered spots, especially on commercial streets. To answer the original question, Rob is mostly right that the major terms are locked in. Stonepeak can't just decide to charge $10 an hour tomorrow in Lincoln Square. The rate increases are scheduled in the original 75-year concession agreement from 2008. The city has no power there. However, Irene also has a point. The new operator could be more efficient. The city gets reimbursed for meters taken out of service for street festivals, construction, etc. The original operator was notoriously bad at this accounting. A more competent firm might mean the city gets its proper 'true-up' payments without a huge fight. So while we're still stuck with the worst municipal deal in American history, having a more functional partner could marginally help the city's bottom line and maybe, just maybe, mean the meters actually work when you try to use them on a Saturday night on Wells.

Okay, thank you Oscar, that's the clearest explanation I've seen. So my wallet is safe from a sudden price shock, but we're basically stuck with a slightly more organized version of the same terrible situation. It's just so frustrating. I got a ticket last winter on Lawrence because the solar-powered meter was dead and covered in snow, and the next one was three blocks away. I guess hoping for functional infrastructure is too much to ask. Still feels like we got sold out all over again.