Morgan Stanley's $2.5 billion sale of a parking-meter operation to Stonepeak Partners won Chicago's approval, ending months of political turmoil. The city council voted 46 to 3 to transfer the lease for 36,000 parking meters. The deal includes a one-time $75 million payment, a 2% transfer fee from any future sale, and an annual 5% share of calculated net income, with funds intended for the city's underfunded pensions.

The vote resolves an impasse that threatened to derail the sale amid long-simmering resentment of the parking arrangement. The original deal dates back to the Great Recession, when Chicago sold a 75-year lease for $1.15 billion to the Morgan Stanley group, which includes Allianz SE and the Abu Dhabi Investment Authority.

"This is the best deal we could get on the table," said Scott Waguespack, a city council member who helped negotiate the ordinance. He was one of the few aldermen who voted against the 2008 transaction. New York-based Stonepeak hailed the vote, saying it is committed to being a cooperative and transparent long-term partner.

According to the 2008 agreement, Chicago can block a sale under certain conditions. In earlier debates, some council members called on Stonepeak to divest Omni Air International, which provides deportation flights. This week, Stonepeak's Air Transport Services Group announced the sale of Omni.