Chicago parking meters up for sale, but Johnson urged to proceed carefully on potential buy-back

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Chicago's Parking Meter Deal Up for Grabs, but City Officials Caution Against Big-Buck Bid

The city of Chicago may be poised to regain control of its prized parking meters, nearly two decades after it sold the lucrative asset to private investors in a deal worth $1.15 billion. Mayor Brandon Johnson's administration is exploring the possibility of buying back the 57-year contract that has generated an estimated $160.9 million in revenue so far this year.

However, city officials are sounding a cautionary note about the feasibility of such a move. Alderman Bill Conway, who chairs the City Council's Finance Committee, warns that borrowing billions to buy out the parking meter deal would be a costly and potentially disastrous mistake for taxpayers.

"The original deal was a disaster for taxpayers, and we have to make sure that we don't compound that disaster," Conway said. "We need to calculate whether or not the math works, taking into account the interest rate on the borrowing and the annual growth in parking meter revenue."

Conway notes that the city's ability to grow the meter revenue stream is uncertain, particularly with the rise of self-driving vehicles, robot deliveries, and congestion fees that discourage driving downtown. He also wonders if the city could save money by no longer having to pay "true-up" costs to investors when meters are taken out of service.

Despite these concerns, Conway has little trust in the mayor's office to negotiate a good deal and get an acquisition agreement through the City Council. His criticism is reminiscent of his experience with a failed attempt to create a city-run grocery store earlier this year.

Other officials are also questioning the city's ability to enter the competition for the parking meters. Alderman Scott Waguespack, who opposed the initial sale in 2008, warns that borrowing billions to buy out the deal would be "astronomical" and that the administration lacks transparency on its handling of previous deals.

The mayor's office has thus far declined to comment on the possibility of buying back the parking meters, citing non-disclosure agreements. However, Deputy Mayor Steve Koch suggests that the city could instead leverage its authority to approve an ownership transfer and negotiate changes that benefit the city before allowing a deal to go through.

Koch notes that the parking meter lease has been a major headache for three mayors who inherited it and city council members who approved the initial sale. The current deal has led to steep rate hikes, including to park downtown, which have infuriated motorists and led to vandalism and boycotts. Koch believes that the city would be better off focusing on unwinding the true-up provisions and getting greater flexibility for managing streets.

For now, it remains unclear whether Chicago will pull the trigger on a meter buy-back bid. As one city official put it, "It's 20 different things" that need to be addressed before any decision can be made.
 
🤑 I think the city of Chicago is crazy for even considering buying back the parking meters. Like, they just sold them for $1.15 billion and now they want to pour more cash into it? 😂 The math just doesn't add up, you know? And with self-driving cars coming in and all, how much of that revenue stream are we gonna lose anyway?

I also don't trust the mayor's office to get a good deal on this. They're already struggling to navigate other city issues, like that failed grocery store idea 🤦‍♂️. And what about the true-up costs? That's just more money they'd have to shell out to investors.

It's great that Deputy Mayor Koch is suggesting an alternative approach - maybe get some flexibility for managing streets and unwinding those provisions? 💡 That sounds like a much more reasonable way to tackle this issue. Fingers crossed the city doesn't go down this path again 🤞
 
I'm thinking they should just take control of the parking meters already 🤔, it's been like, what, 17 years? And now they're worried about borrowing billions to buy them back? Like, come on, city officials! You've got a good thing going, why mess with it? 😂 They need to think about all the self-driving cars and robot deliveries that are gonna change everything... and what's with the congestion fees, anyway? 🚗💨 It just seems like the city is trying to find an excuse not to do something. And Conway just sounds like a total party pooper, no trust in the mayor at all 🤷‍♂️
 
🤔 Parking meters have been a real headache for Chicagoans and I don't blame the city for wanting to regain control over them 🤑. If they do manage to buy back the deal, it'll definitely give 'em more flexibility to manage their streets and rates 🚗💸. Conway's got some valid points about the interest rates and true-up costs, but Koch has a good point that they should try to negotiate changes before entering the competition 👊. It's not like the city's ever gotten a sweet deal from the private investors in the past 🤑👎. And let's be real, the rise of self-driving vehicles might actually make parking meters less necessary 🚗💥. Maybe this is the chance for Chicago to rethink its approach to transportation and parking altogether 🤝.
 
I'm telling you, something fishy is going down here 🐟. First off, the city is trying to buy back these parking meters, but are they just trying to cover their own tracks? I mean, think about it - a $1.15 billion deal that was sold out to private investors and now they want it back? That's some shady business right there.

And don't even get me started on the interest rates and true-up costs 🤑. It sounds like Alderman Conway is just trying to sugarcoat the truth. What if he's not being honest about how much the deal would cost taxpayers? I'd be all over this like a bad rash.

And have you noticed that the mayor's office has been pretty tight-lipped about the whole thing? That's not good, my friend 🤐. If they're hiding something, it's probably because they don't want us to find out what really went down in 2008.

I'm also suspicious of Alderman Waguespack's warnings about borrowing billions. Is he just trying to stir up trouble or is there some truth to his concerns? I need more info before I can even begin to form an opinion 🤔.

One thing's for sure, though - if the city pulls off this deal without being transparent, we'll all be the ones who get screwed 💸. Keep a close eye on this one, folks!
 
I gotta say, I'm all about the city trying to regain control of their parking meters 🤑. I mean, $1.15 billion is a lot of cash, and $160.9 million in revenue so far this year is insane! But Alderman Conway's right on point, we don't wanna compound that disaster 😬. Borrowing billions without knowing if the math works sounds like a recipe for disaster 🤯.

And what's up with these interest rates? 📈 I just hope the city can get a good deal and not overpay for something they already own. I'd love to see them focus on unwinding those true-up provisions and getting more flexibility for managing streets 🚗💨.

It's crazy how much of a headache this parking meter lease has been for Chicago 🤯. Three mayors, countless rate hikes... it's no wonder there's been vandalism and boycotts 🚫. I just hope the city can get this sorted out without breaking the bank 💸.
 
🤔 I think it's crazy that they're even considering buying back the parking meters after all these years 🤑. Like, what's in it for them? Do they really want to take on billions of dollars in debt just to have control over something that's not even bringing in as much revenue as it used to 📉. And what about the self-driving cars and robot deliveries? Are we seriously gonna be making money from those 🤖. Alderman Conway is totally right, though - they need to crunch some numbers and make sure this isn't just a financial disaster waiting to happen 💸.
 
I'm not sure if buying back the parking meters is a good idea... 🤔 I mean, $1.15 billion is a lot of money! But at the same time, city officials are worried about taking on more debt and risking taxpayers getting stuck with another huge bill down the line. It's like, have they thought this through? 💸 And what about those self-driving cars and robot deliveries that Alderman Conway mentioned? If parking becomes less necessary, how will that affect the revenue stream? 🚀 I think we need to see more concrete plans before making a decision. Maybe the city could try negotiating changes to the current deal instead of trying to buy it back whole? 🤝
 
I'm keeping an eye on this parking meter deal 😬. If the city really wants to get back into it, they gotta crunch some serious numbers 🤯. Conway is right, borrowing billions could be a total disaster for taxpayers 💸. And with self-driving cars and congestion fees coming in, who knows if that revenue stream will even stay steady? 🚗💡

It's not like the city didn't learn from its last deal 🤦‍♂️. I mean, it was a $1.15 billion cash out for what? A good chunk of change now, but at what cost in the future? 🤔 The math just doesn't add up for me 📊.

I'm with Koch on this one, though 🙌. Let's not throw good money after bad 💸. Unwind those true-up provisions and let the city get some flexibility to manage streets 👍. It might be a better bet than trying to buy back that deal at all 🤑.
 
ugh, this is gonna be super costly 🤑. like what if they dont know how much money they'll make from parking meters in the future? and then they end up owing trillions 💸. plus, think about all the bureaucracy that's gonna come with trying to unwind this deal... it's a nightmare 😩. but at the same time, i get why they wanna try to buy back the meters - it would be good for the city to have more control over its own assets 🏛️. is it worth the risk? idk, maybe if they can crunch some crazy math numbers and figure out how to make it work 🤔.
 
I'm not sure what's more cringeworthy - the fact that the city of Chicago is even considering buying back the parking meters or the idea that they're still making money off these things... I mean, $160.9 million in revenue this year? That's crazy! 🤑 But seriously, it seems like a lot of people are worried about the financial implications of this move. Like, what if they do decide to buy back the meters and then can't afford to pay the investors back? It's not like they're going to be able to just magic up some extra cash from nowhere.

And don't even get me started on the self-driving cars and robot deliveries - I mean, I know it's the future and all that, but come on! The city needs to figure out how to adapt before we're all driving around like robots 🤖. It's just gonna be one of those things where they'll look back and be all "we should've done that" 20 years from now...
 
I don't think the city should borrow billions to buy out this deal lol 🤑 what if they just try to renegotiate with the current owners? I mean, they've been making a killing off those parking meters for years... maybe it's time to flip the script and get some of that cash back? 🤑 But at the same time, I can see why the city officials are being cautious - they don't want to end up with another financial mess on their hands 😬. It's all about weighing the pros and cons and making an informed decision... but let's be real, it's gonna take some serious math skills to make this work 🤯
 
I'm not sure if buying back the parking meters is such a good idea... I mean, $1.15 billion is a crazy amount of money and borrowing more just to pay for it? 🤔 It's like they're trying to put all their eggs in one basket instead of looking at other ways to make some cash. And what about these self-driving vehicles and robot deliveries? Are we really gonna have people driving downtown anymore? I don't think so... plus, the city already has a headache with true-up costs - can't they just negotiate better deals from now on? 🚗🤑
 
The prospect of Chicago regaining control over its parking meters is an intriguing development 🤑. While the idea of reaping $160.9 million in revenue this year may seem tantalizing, the potential costs and risks associated with such a move are substantial ⚠️. Borrowing billions to buy out the 57-year contract would indeed be a costly mistake for taxpayers, as Alderman Bill Conway astutely pointed out.

Furthermore, the rise of self-driving vehicles and congestion fees could potentially disrupt the parking meter revenue stream, rendering it uncertain whether the city can grow its share 🚗💡. Additionally, the true-up costs to investors when meters are taken out of service would no longer be a concern, which could save the city some money 💸.

However, the lack of transparency from the mayor's office on previous deals and concerns about their ability to negotiate a good deal raise legitimate doubts 🤔. It seems that instead of taking bold action, Deputy Mayor Steve Koch is suggesting a more measured approach by leveraging the city's authority to approve an ownership transfer and negotiate changes that benefit the city 📝.

Ultimately, it remains to be seen whether Chicago will pull the trigger on a meter buy-back bid or opt for a more cautious approach 🤞. One thing is certain, however: the city must carefully weigh its options and prioritize the interests of taxpayers over potential short-term gains 💰.
 
🤔 I'm kinda surprised they're even considering buying back the parking meters again... I mean, isn't it just gonna cost a gazillion dollars? 💸 Like, have you seen those numbers? $1.15 billion and growing?! 🤑 It's crazy how the math just doesn't add up here. And what about all the interest rates they'd have to factor in? 😬 Wouldn't that just make it even more of a financial mess? 🤦‍♀️ I don't blame Alderman Conway for being skeptical, tbh... 💯
 
I'm literally shaking right now thinking about this 🤯 Chicago's parking meters deal being up for grabs is like, the ultimate test of adulting by the city officials. Like, come on guys, you sold the meters to private investors and now you want to buy them back? That's like taking a step back and then running forward at the same time 🔄. The math just doesn't add up, Alderman Conway is right on the money with his warning. I mean, what if self-driving cars take over the city and parking meters become obsolete? Would they even be worth buying out of their current contract?

And can we talk about how many times we've heard this story before? Like, three mayors ago it was a major headache for them too 🤦‍♂️. The thought of borrowing billions to buy out the deal just makes me anxious. I get that Conway is trying to protect taxpayers, but it seems like the city officials are all in on some secret plan without sharing it with the public 👀.

It's so frustrating because we need real solutions for our parking problems instead of just going through the motions. Koch's idea about negotiating changes and getting more flexibility for managing streets is a good one 🤝, but it seems like that's not even being considered right now. For now, I'll just be over here holding my breath and hoping that someone in charge has some actual plan 🙏.
 
🤔 I'm not sure why the city is even considering buying back the parking meters. They're already getting millions in revenue each year, which is crazy! 🤑 And now they want to take on billions in debt? No way, that's just gonna end badly for taxpayers. And what about all the new tech like self-driving cars and robot deliveries? How are they supposed to adapt to those changes with a 57-year old contract? 😂 It's like trying to fit a square peg into a round hole.

I also don't trust the mayor's office to negotiate a good deal. They seem like they're just looking out for themselves, not the city or its taxpayers. And what about all the experience Alderman Conway has with failed deals? He's right to be skeptical. 🙄 Maybe instead of buying back the meters, they should focus on making some changes that benefit the city and its people. Like, how about reducing parking rates downtown or implementing congestion fees for cars that are just clogging up the streets? That would be a smart move if you ask me... 💡
 
🤔 I'm kinda torn about this whole parking meter deal thing... On one hand, I love the idea of Chicago getting its money back and having more control over its revenue streams 🤑. But on the other hand, Alderman Conway's concerns about taking on a massive debt and the potential for it to be a "disaster" for taxpayers are totally valid 🚨.

I mean, we've seen what happened in 2008 when this deal went down, and it wasn't pretty 😳. The city had to shell out billions and still ended up with some major headaches. So yeah, I get why the officials are hesitant to take on another massive deal 💸.

But at the same time... think about how much money the city's been making from those meters all these years 🤑. If they can somehow negotiate a better deal that benefits the city, like Deputy Mayor Koch suggests, then maybe this is a chance for Chicago to turn its finances around and focus on more pressing issues 🔄.

It's definitely complicated, but I'm rooting for the city to take some smart risks and make this work 💪. We need our politicians to be bold and innovative, not just playing it safe all the time 😬.
 
I think the city should think twice about buying back those parking meters 🤔. It's a huge amount of money and they're not even sure if they'll make more in revenue with self-driving cars and all that tech stuff. Plus, it sounds like some folks aren't convinced the mayor's office can get a good deal. I mean, Alderman Conway is pretty right on to say we shouldn't compound our financial disaster 😬. Maybe the city should focus on fixing up the current deal instead of trying to make a big buck? 🤑
 
I'm thinking, what if we just stop paying so much for parking in general? Like, why do we need meters when people can just park a few blocks away and walk or take public transport instead? 🤔 It's crazy how much money the city is making off of this deal already. And then there's the thing about self-driving cars... will people even need to pay for parking if they're just zipping around?

I'm not sure what's more concerning, the idea that we'd be borrowing billions to buy back the meters or the fact that the mayor's office is trying to keep this a secret from the public. Transparency is key in situations like this. It's almost like they're trying to hide something.

And have you noticed how many city officials are basically saying the same thing - that borrowing billions is a bad idea and we should focus on changing the system instead? 🤑 I'm starting to think that the whole thing is just a mess waiting to happen, and we should all be worried about what's going to come out of this deal.
 
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