Two decades after Chicago leaders signed off on one of the most controversial financial deals in the city's history, the Johnson Administration may be looking at how to un-do it.
Park on the street in most American cities, and the money from the meter goes to that city. In Chicago, that money goes to a private company, and will for another 57 years, under a $1.15 billion deal proposed by former Mayor Richard M. Daley and approved by all but five aldermen back in 2008.
For one of the aldermen who voted "no," those parking meter boxes on Chicago's streets are a constant trigger.
"Every time I see one, it's a daily reminder of how you should do business and what we were left with," said Roscoe Village alderman Scott Waguespack. "I see money going out the door ... and I've always said, it's on its way to Abu Dhabi, which is unfortunate."
Now, the group that owns Chicago Parking Meters LLC is selling the contract. Channel Seven quotes city sources as saying the Johnson Administration is considering buying it back.
Waguespack (32nd Ward) says it's a tough call financially: "What we would end up paying is double or triple what we got for it."
That would amount to more than $2 billion for a city already facing some difficult financial decisions going into an election year.
"I'd like to hear from the mayor about what they're actually doing first," said Waguespack. "They've gotta be transparent with the City Council and let us really be involved in it too."
There's no official comment from the city.