Chicago aldermen say they are close to sweetening the deal on the city’s infamous parking meter privatization by prying key concessions from the system’s prospective new buyer.

A group of aldermen announced Tuesday that they have agreed with Stonepeak Partners on a deal under which the city would receive a $75 million lump payout and get 5% of the system’s future profits, which the aldermen estimated would be worth around $376.2 million over the remainder of the 75-year lease. The City Council for months has pressured Stonepeak to negotiate on the terms of the lease, threatening to not approve the sale without changes to the widely reviled agreement.

During an unrelated news conference Tuesday, Mayor Brandon Johnson said he hopes aldermen reach a final decision soon, maintaining his posture of carefully avoiding endorsing or opposing a sale. He praised aldermen and advisers from his administration for working to reach a deal.

“Quite frankly, some people didn’t think we could come up with a better agreement. I always believed that there was a pathway forward to get a better deal,” Johnson said.

Any change of ownership would still need to be approved by the full council. Stonepeak could not immediately be reached for comment.

The proposed concessions make it more likely a majority of aldermen will vote for the New York investment firm’s purchase of the system from Chicago Parking Meters LLC. The current owner, led by Morgan Stanley, signed a 75-year lease for around 36,000 meters in 2008, orchestrated and rushed through the council by then-Mayor Richard M. Daley.

The deal has proved disastrous, as the system is now expected to generate billions more than the $1.15 billion for which Daley and aldermen sold it.

It was the political weight of that notorious contract on the mind of the council that sparked aldermen to push for better terms as the entire council will be on the ballot in early 2027.

“The completion of this agreement will be a departure from the old deal, which did not think about the people of the city of Chicago, and which yielded little benefit for the City,” Finance Committee Chair Ald. Pat Dowell, 3rd, said in a statement about the negotiations. “This proposed agreement, on the other hand, offers long term benefits for City government and for the taxpayers.”

Dowell and Alds. Nicole Lee, 11th, and Scott Waguespack, 32nd, led the negotiations, according to their statement, while Alds. Walter “Red” Burnett, 27th, and Gilbert Villegas, 36th, also played key roles.

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