Chicago Parking Meters LLC also known as ParkChicago [1] is an American company [2] with several investors [3] that owns the parking meters in the city of Chicago, Illinois. The company has gained notoriety for its roots in the sale of the City of Chicago's parking meters to private investors, considered a huge financial disaster for the city.
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. Brokers affiliated with Morgan Stanley then formed an LLC called "Chicago Parking Meters LLC" to facilitate a potential deal with the city over the sale of the 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 dollars. [7] [8] The deal was approved and finalized on December 4, 2008. When the deal went through, prices increased and many meters were vandalized in the initial rollout. [9] As of 2023, the investors in CPM LLC have recouped their investment and $500m more, and still have 60 years left on the deal. [10]
The contract has been widely criticized as a negative example of privatization. [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. [13] Because compensation costs are so expensive, it had been criticized for limiting development of city infrastructure. [14]
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 [15] ) and Redoma S.a.r.l. owns 50.1 percent. [16]
| 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. [17] | 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 [18] | 24.9999 | Germany | indirect |
Richard Michael Daley is an American politician who served as the 54th mayor of Chicago, Illinois, from 1989 to 2011. Daley was elected mayor in 1989 and was reelected five times until declining to run for a seventh term. At 22 years, his was the longest tenure in Chicago mayoral history, surpassing the 21-year mayoralty of his father, Richard J. Daley.
The Abu Dhabi Investment Authority is a sovereign wealth fund owned by the Emirate of Abu Dhabi in the United Arab Emirates, founded to invest funds on behalf of the Government of Abu Dhabi. It manages the emirate's excess oil reserves and is estimated to manage $853 billion. ADIA is one of the largest sovereign wealth funds in the world.
DigitalBridge Group, Inc. is a global digital infrastructure investment firm. The company owns, invests in and operates businesses such as cell towers, data centers, fiber, small cells, and edge infrastructure. Headquartered in Boca Raton, DigitalBridge has key offices in Los Angeles, New York, London, and Singapore.
Tishman Speyer Properties is an American multinational coorporation based at 45 Rockefeller Plaza in Midtown Manhattan. The conglomerate invests in high-profile real estate properties, has developed multiple buildings around the world, and has owned famous buildings and land plots, including the Chrysler Building.
The Abu Dhabi National Oil Company, known by its acronym ADNOC, is the state-owned oil company of the United Arab Emirates (UAE).
The Emirate of Abu Dhabi is one of seven emirates that constitute the United Arab Emirates. It is the largest emirate, accounting for 87% of the nation's total land area or 67,340 km2 (26,000 sq mi).
Fortress Investment Group is an American investment management firm based in New York City. Fortress was founded as a private equity firm in 1998 by Wes Edens, Rob Kauffman, and Randal Nardone. When Fortress launched on the NYSE in February 2007, it was the first large private equity firm in the US to be traded publicly. In December 2017, Fortress was fully acquired by SoftBank Group, was delisted, and returned to being a privately held company. Fortress manages $44.7 billion of assets under management as of June 30, 2023, on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. In May 2023, Mubadala Investment Co agreed to acquire a majority stake in Fortress from Softbank for an undisclosed sum.
Mubadala Investment Company PJSC, or simply Mubadala, is an Emirati state-owned holding company that acts as one of the sovereign wealth funds of the Emirate of Abu Dhabi. The company was established in 2017 when then-named Mubadala Development Company and the International Petroleum Investment Company (IPIC) merged.
Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. It provides investment management and invests in credit, private equity, and real assets. As of 2022, the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors.
Masdar City is an urban community in Abu Dhabi, the capital of the United Arab Emirates. It was built by Masdar, a subsidiary of the state-owned Mubadala Investment Company, with the majority of seed capital provided by the Government of Abu Dhabi.
Abu Dhabi is the capital of the United Arab Emirates. The city of Abu Dhabi is the capital of the Emirate of Abu Dhabi and the UAE's second-most populous city after Dubai.
Khaldoon Khalifa Al Mubarak is an Emirati Government official and business leader. Al Mubarak holds senior positions within the Government of Abu Dhabi, including as a member of the Executive Council since 2006, a member of the Supreme Council for Financial and Economic Affairs, and as the founding chairman of the Executive Affairs Authority. He fulfills responsibilities for the UAE Federal government and has served as Presidential Special Envoy to the People's Republic of China since 2018.
The Abu Dhabi National Energy Company, PJSC (TAQA) is a government controlled energy holding company of Abu Dhabi, United Arab Emirates.
The three cities of Abu Dhabi Emirate within the United Arab Emirates – the coastal city Abu Dhabi itself as well as the inland oases Al Ain and Liwa – receive their drinking water supply entirely from desalinated seawater.
Derek M Quinlan is an Irish businessman prominent in the field of real estate investment and development. A former tax inspector at the Irish Revenue Commission, he formed investment syndicates with high-net-worth individuals to acquire investment properties across the world. His principal investment vehicle was Quinlan Private, a private equity firm with offices in Dublin, London and New York.
Amanda Louise Staveley is a British business executive. She is notable chiefly for her connections with Middle Eastern investors. She helped a Saudi consortium take over Newcastle United in a deal completed in October 2021 and has joined the board of directors.
AD Ports Group is the exclusive developer and regulator of ports and related infrastructure in Abu Dhabi.
The Abu Dhabi United Group for Development and Investment is a United Arab Emirates (UAE) based private equity company. It is owned by Sheikh Mansour bin Zayed Al Nahyan, member of the Abu Dhabi Royal Family and Vice President of UAE. Leaks of internal documents show that the Abu Dhabi government manages the accounts belonging to ADUG. ADUG insists it is separate from the Abu Dhabi government.
Walltopia AD is a Bulgarian climbing wall and active entertainment manufacturer. It was founded in 1998 by Ivaylo Penchev and Metin Musov. Originally exclusively a climbing wall and other artificial rock surfaces manufacturer, since 2012 the company portfolio expanded into adventure park concepts and management.
twofour54 is a UAE state-owned media and entertainment production company located in Abu Dhabi, United Arab Emirates. Many major Hollywood productions have done production work in twofour54's facilities.
 | This corporation or company article is a stub. You can help Wikipedia by expanding it. |
 | This Chicago-related article is a stub. You can help Wikipedia by expanding it. |