Chicago Parking Meters LLC also known as ParkChicago [1] is a company [2] with several investors [3] that owns the parking meters in the City of Chicago.
Chicago Parking Meters LLC also known as ParkChicago [1] is a company [2] with several investors [3] that owns the parking meters in the City of Chicago.
After the 2008 financial crisis, the city of Chicago needed money and a deal was made to sell all 36,000 [4] of the parking meter spots in the city for 75 years for 1.15 billion dollars. [5] [6] When the deal went through, prices increased and many meters were vandalized in the initial rollout. [7] As of 2023, the investors in CPM LLC have recouped their investment and $500m more, and still have 60 years left on the deal. [8]
The contract has been widely criticized as a negative example of privatization. [9] 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, [10] or outdoor seating – then the city has to compensate the LLC for their projected losses. [11] Because compensation costs are so expensive, it had been criticized for limiting development of city infrastructure. [12]
The investors in the LLC according to the City of Chicago are listed below. [3] Matt Taibbi in Griftopia claims that Deeside investments owns 49.9 percent (and possibly a controlling share [13] ) and Redoma S.a.r.l. owns 50.1 percent. [14]
| Investor | Percentage Interest in Disclosing Party | Country | Direct or indirect ownership |
|---|---|---|---|
| Morgan Stanley Infrastructure Partners LP | 11.415 | USA | direct |
| Morgan Stanley Infrastructure Partners A Sub LP | 38.032 | USA | direct |
| Morgan Stanley Infrastructure Partners A Chicago Meters Blocker, LLC | 31.403 | USA | indirect |
| Morgan Stanley Infrastructure Partners A LP | 31.403 | USA | indirect |
| Morgan Stanley Offshore Infrastructure Partners A LP | 24.061 | USA | direct |
| Deeside Investments, Inc. | 49.9 | USA | direct |
| Redoma S.a.r.l. [15] | 24.9999 | Luxembourg | indirect |
| Tannadice Investments, LLC | 24.9001 | USA | indirect |
| Abu Dhabi Investment Authority | 24.9001 | UAE | indirect |
| Allianz Lebensversicherungs – Aktiengesellschaft | 21.249915 | Germany | indirect |
| Allianz Deutschland AG | 24.9999 | Germany | indirect |
| Allianz SE [16] | 24.9999 | Germany | indirect |
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