CHICAGO (WLS) — The Chicago City Council delayed a vote on the city’s parking meter deal during a special meeting.
After meeting Friday, aldermen agreed to postpone consideration of the agreement until Tuesday.
The proposed arrangement could provide Chicago with hundreds of millions of dollars over the coming years.
The transaction involves the sale of Chicago’s parking meter operation for more than $2.5 billion by the companies that currently own it to a prospective buyer.
Because the city must approve the ownership transfer, a group of City Council members negotiated the financial terms Chicago would receive.
Under the proposed deal, Chicago would receive $75 million when the sale is completed.
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The city would also collect 5% of the business’s annual net operating income, projected to total more than $376 million over 57 years.
If the parking meter operation is sold again, Chicago would receive 2% of the resale price. Officials said the proceeds would help support city pension obligations.
The agreement also calls for the buyer to sell an airline that has conducted deportation flights, a condition sought by council members who previously opposed the transaction.
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