Chicago parking meters sold to private operator, Johnson confirms

Chicago’s parking meters have been sold to a private company in a deal critics call lopsided. The sale price is reported to be at least twice the original 2008 price of $1.15 billion, and Mayor Brandon Johnson says his administration looked into buying them back but found it prohibitively expensive and risky since 100% of revenues would go toward debt. City Council will need to vote to transfer the contract to the new owner.