Chicago mayor secretly bid over $3B to buy back city's parking meters

Chicago mayor Brandon Johnson bid $3.3 billion to reclaim control of the city's parking meters last fall, reports Mick Dumke in Block Club Chicago.

That amount was $800 million more than the next-highest bidder, according to an investor set to buy the rights to the city's meters. After a meeting when city alderpersons questioned the mayor's decision with no answer from the mayor's office, "a spokesperson for the mayor said when Johnson decided to drop the city’s bid in January, he highlighted the high cost of regaining control of the meters. Throughout its bid, the city complied with terms set by Morgan Stanley, the investment bank that holds the meter concession now, the spokesperson said."

After the city walked away from its bid, Wyper, the next-highest bidder, won the deal with an offer of $2.5 billion, which now heads to City Council for approval. According to Dumke, "As planned, the finance committee did not vote on Stonepeak’s proposed purchase of the meter rights. CPM and Stonepeak leaders said they’ve given the full council a July 24 deadline to hold a vote."