Chicago Parking Meters

During the 2008 financial crisis, the City of Chicago faced a major budget deficit, which prompted then-Mayor Richard M. Daley to propose the sale of city-owned parking meters.

[4] By December 3, 2008, a deal was made to sell all 36,000[5][6] of the parking meter spots in the city for 75 years for $1.15 billion.

[9] As of 2023, the investors in CPM LLC have recouped their investment plus $500 million, and still have 60 years left on the deal.

[11] Part of the deal is that if any of the metered parking spots are not available as such, for any reason—i.e., parades, street maintenance, electrification for electric vehicles, bike lanes,[12] or outdoor seating—then the city has to compensate the LLC for their projected losses.

[3] Matt Taibbi in Griftopia claims that Deeside investments owns 49.9% (and possibly a controlling share[15]) and Redoma S.a.r.l.