More Money Gone

This wold be the second time the meters have been sold.

• The owner of Chicago’s parking meters is seeking to sell the asset to a New York investment firm — but the deal requires approval from City Council.

  Mayor Brandon Johnson’s office on Monday confirmed the tentative agreement between Chicago Parking Meters LLC and New York-based Stonepeak Partners.

  The deal, which would change ownership of the meters and who collects their profits, now sits before City Council, which could seek concessions in favor of the city before approving it.

  The tentative sale is the most recent development in the fight for parking assets. 

The first sale was Shortshanks underwhelming sale to the Abu Dhabi people that was found to have been priced $974 MILLION less than what Chicago would have collected in meter fees. For a mere $1.15 billion, the buyers made back their money PLUS $500 million between 2008 and 2023, and there were still 60 YEARS left on the deal.

But these people aren't idiots - they see that Groot and Conehead destroyed downtown and anything within ten miles of downtown. Less people than ever are using the meters, so the rate of return on their investment has fallen off a cliff, which is why they're looking to unload. Conehead made noise about buying it all back, but couldn't scrape together the estimated $3 billion needed (thank god). 

But the fact that this "deal" is being estimated at $3 billion and Chicago won't see much (if any) of it, ought to be remembered every time your property taxes go up or some Machine democrat whines about money needed for some useless social program. You had this money generator and you pissed it away to outsiders.