City Council deadline to accept or reject parking meter deal extended until Sept. 30
<p>The City Council now has until Sept. 30 to either approve a New York investment firm’s $2.53 billion bid to <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/05/18/chicagos-parking-meters-could-be-sold-again-under-deal-requiring-city-council-approval" >acquire Chicago parking meters,</a> or risk a lawsuit by the current owner that has more than recouped its initial investment with 57 years remaining on the deal.</p><p>Finance Committee Chair Pat Dowell (3rd) told her colleagues late Wednesday she was informed that the revised July 24 deadline had been extended for nine weeks by Mark Rotatori, a partner at Jones Day, the law firm retained by the Law Department to advise the City Council on the offer from Stonepeak Partners.</p><p>It’s the second time that Chicago Parking Meters LLC, a consortium that includes Morgan Stanley, Allianz Capital Partners and the Sovereign Wealth Fund of Abu Dhabi, has agreed to extend the deadline to approve its proposal to sell the 57 years remaining on the 75-year lease to Stonepeak Partners.
Reported by 1 outlet — Chicago Sun-Times. See all sources ↓
<p>The City Council now has until Sept. 30 to either approve a New York investment firm’s $2.53 billion bid to <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/05/18/chicagos-parking-meters-could-be-sold-again-under-deal-requiring-city-council-approval" >acquire Chicago parking meters,</a> or risk a lawsuit by the current owner that has more than recouped its initial investment with 57 years remaining on the deal.</p><p>Finance Committee Chair Pat Dowell (3rd) told her colleagues late Wednesday she was informed that the revised July 24 deadline had been extended for nine weeks by Mark Rotatori, a partner at Jones Day, the law firm retained by the Law Department to advise the City Council on the offer from Stonepeak Partners.</p><p>It’s the second time that Chicago Parking Meters LLC, a consortium that includes Morgan Stanley, Allianz Capital Partners and the Sovereign Wealth Fund of Abu Dhabi, has agreed to extend the deadline to approve its proposal to sell the 57 years remaining on the 75-year lease to Stonepeak Partners. The original deadline was June 30, and was extended until July 24.</p><p>It’s not clear whether the renewed flexibility came from the seller, the owners or both.</p><p></p><p>Asked at a June 25 Finance Committee hearing what would happen if the deadline was not met or if the City Council rejected the sale, James Wyper, senior managing director for Stonepeak Partners, told committee members, “You’ll never see me again. What Morgan Stanley and the existing ownership group choose to do does not involve me at all.
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- <p>The City Council now has until Sept. 30 to either approve a New York investment firm’s $2.53 billion bid to <a class="Link" href="https://chicago.suntimes.com/city-hall/2026/05/18/chicagos-parking-meters-could-be-sold-again-under-deal-requiring-city-council-approval" >acquire Chicago parking meters,</a> or risk a lawsuit by the current owner that has more than recouped its initial investment with 57 years remaining on the deal.</p><p>Finance Committee Chair Pat Dowell (3rd) told her colleagues late Wednesday she was informed that the revised July 24 deadline had been extended for nine weeks by Mark Rotatori, a partner at Jones Day, the law firm retained by the Law Department to advise the City Council on the offer from Stonepeak Partners.</p><p>It’s the second time that Chicago Parking Meters LLC, a consortium that includes Morgan Stanley, Allianz Capital Partners and the Sovereign Wealth Fund of Abu Dhabi, has agreed to extend the deadline to approve its proposal to sell the 57 years remaining on the 75-year lease to Stonepeak Partners.
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City Council deadline to accept or reject parking meter deal extended until Sept. 30
Sources1TypeCoverageChicago Sun-Times