>>> IF YOU LIVED IN CHICAGO 15 YEARS AGO, YOU PROBABLY KNOW THE DETAILS OF THE CITY'S PARKING METER DEAL.

IF YOU'RE JUST TOO YOUNG TO REMEMBER, OUR LATEST EDITION HAS THE STORY OF THIS NOTORIOUS CHAPTER IN CHICAGO HISTORY AND IT IS STILL RESONATING TODAY.

HERE IS PATTY WESLEY.

>> Reporter: EVERY TIME A CHICAGOAN PAYS FOR PARKING, THE METERS ARE A SERIOUS MONEYMAKER.

JUST NOT FOR CHICAGO.

MAYBE YOU HAVE HEARD OF THE IS PARKING METER DEAL.

HERE IS WHY IT IS SO UNPOPULAR AND WHY IT BEGAN A CASE STUDY IN WORST PRACTICES.

PICTURE THE YEAR 2008, THE GLOBAL FINANCIAL CRISIS STRIKES AND EVERYONE IS STRAPPED FOR CASH INCLUDING CHICAGO.

THE CITY IS BROKE.

IF YOU WANT TO PLUG A BUDGET GAP, RAISING PROPERTY TAXES WILL DO THE TRICK BUT IF YOU WANT TO REMAIN POPULAR WITH VOTERS, THAT IS NOT A GREAT IDEA SO THE MAYOR GOT CREATIVE.

HE LOOKED AROUND FOR ASSET.

WHAT ABOUT CHICAGO'S 36,000 PARKING METERS?

BINGO!

IS TASTEFULLY FORMED INVESTMENT GROUP AGREED TO COUGH UP 1 BILLION IN CHANGE FOR A 75 YEAR LEASE AT CHICAGO CITY COUNCIL RUBBERSTAMPS THAT RAN FASTER THAN MEMBERS CAN READ THE TERMS OF THE DEAL.

$1 BILLION SOUNDS LIKE SO MUCH MONEY AND IT IS BUT SO MUCH MORE MONEY MAY HAVE GOTTEN LEFT ON THE TABLE.

THE MAN WAS LEAVE THE PARKING METERS WERE LEASED WORTH $2 BILLION.

AS SOON AS THE NEW RENTERS TOOK OVER THE PROPERTIES, THEY BEGAN RAISING FEES.

A QUARTER USED TO BUY AN HOUR OF PARKING TIME.

TODAY, NO.

BUT WHAT , THERE WAS MORE.

IF THE CITY TAKES A PARKING SPACE OUT OF SERVICE FOR A FESTIVAL OR TO BUILD A PROTECT BIKE LANE, IT HAS TO PAY CHICAGO PARKING METERS FOR THE LOST REVENUE.

NOW THE LANDLORD IS PAYING THE RENTER.

PLENTY OF PEOPLE HAVE SEARCHED FOR LOOPHOLES THAT WOULD ALLOW THE CITY TO BREAK THEIR SOMEWHAT LOPSIDED LEASE.

CRITICS HAVE CALLED THE DEAL SHORTSIGHTED OR WORSE BUT IT TURNS OUT IT IS NOT ILLEGAL WHICH SOME 60 YEARS LATER, CHICAGO PARKING METERS LLC HAS ALREADY MADE BACK ITS INITIAL INVESTMENT AND THEN SOME.

AN IMPRESSIVE RETURN ON INVESTMENT FOR THEM AND GREAT FOR CHICAGO.