CHICAGO - The Chicago City Council overwhelmingly approved a 75-year lease of the city's parking meter system to a private group for $1.157 billion, just two days after Mayor Richard Daley unveiled the winning bid and his plans for the proceeds.

The city opened the bids on Monday, and on Tuesday Daley announced the winning submission from Chicago Parking Meters LLC, an investment group made up of Morgan Stanley Infrastructure Partners A Sub LP, Morgan Stanley Infrastructure Partners LP, and LAZ Parking, which will manage the 36,000-meter system.

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