>> It's known as one of the worst deals in Chicago's history, but it may be getting a bit better.

Members of City Council's finance committee met today and approved a new sale of Chicago's parking meters.

And while a bit by the city to buy the meters back, never gained traction.

Some council members were able to negotiate some sweeteners in the deal with the new buyer.

More on that later.

But first, how did the infamous original sale of the parking meters coming about?

Here's our Patty wet late to explain.

>> Every time a Chicago pace for parking and investor says CA change the meters are a serious money maker.

Just not Chicago.

Maybe you've heard of infamous parking meter deal.

Here's why it's so unpopular and how it became a case study worst practices picture the year 2008, a global financial crisis strikes and everyone is little strapped for cash, including Chicago.

The city is broke.

Now, if you want to plug a budget gap, raising property taxes will do the trick.

If you want to remain popular with voters, that's not such a great idea.

So Mayor Richard Daley got creative.

He looked around for out.

What about Chicago's 36,000 parking meters?

hastily formed investment group.

The creatively named Chicago Parking Meters LLC eased agreed to cough up 1 billion and change for a 75 year.

and Chicago City Council rubber stamp that plan fast through the members could read the terms of the deal.

>> A billion-dollar sounds like so much money and it is but so much more money may have gotten left on the table.

>> Some analysts believe the parking meters are worth at least 2 billion dollars as soon as the new renders took over the property.

They began raising and their profits.

A quarter used to buy in our parking time today.

Wait, there's The city takes a parking space out of service for, say street festival or the bill that protected bike lane.

It has pay Chicago parking meters for the lost revenue.

So now the landlord is paying the rent or plenty of people that search for loopholes that would allow the city to break this almost comically lopsided least no dice.

The courts have called the deal to excited or worse.

But it turns out it's not illegal to strike a bad deal.

>> With decades left on its lease, Chicago Parking Meters.

Llc has already made back its initial investment and then some and impressive return on investment for them.

And tough break for Chicago.

>> And you can see more of our Emmy winning Wbtw News explains series on our website.

Okay.

Now we know the history, but what's in the new deal that we mentioned?

That agreement is one step away from final approval with one member of City Council calling it the deal of the century.

>> Here's Alderman Pat Dowell who helped negotiate the agreement, asking her colleagues to support it while acknowledging original deal was a textbook case of what not to do.

>> Want to start out by saying that today, I think is a historic day for the church were Chicagoans today.

We have an opportunity not only to apologize to Chicagoans for the city's past mistakes, back that apology was real tangible benefits for taxpayers for the first time.

>> Or Heather?

Sharon joins us now with more.

Heather, we just heard Alderman Dow and why she felt the need to apologize for that original parking needle meter deal with what's changing?

Well, if the 2.5 billion dollars sale closes as expected by the end of the year, the new owner of the Chicago's 36 1000 parking Meters.

Stone Peak Partners will pay the city.

75 million dollars and agreed to share 5% of profits with the city for the next 57 years.

When the original lease of the parking meters is expected to expire.

Now.

>> That's a little bit better.

But when you consider that original purchasers of the meters made back their money and twice, maybe 3 times, depending on what we hear this year.

only a little bit better.

>> A major sticking point news negotiations with Stone peaks ownership of on the air, which has a contract with the Department of Homeland Security to provide long-haul deportation flights.

How was that resolve?

Well, the firm has filed what the city's top lawyer, Mary Richardson Lowry called Disinvestment certificate.

>> Basically promising to sell that airline at their earliest possible opportunity.

members of the public or the media were not allowed to see that certificate because it contains private information sent to France.

It really well with some progressive members of the city CA ups of the city council that said they would not vote to approve this deal if that sale was an ironclad.

However, they seem to think that this was the best possible outcome in tough negotiations.

Okay.

Not a done deal yet.

What's next?

Well, it's still got to go to the full City Council for approval that could happen Friday.

But as you know, only 2 members of the City Council can block a vote on an initial introduction that could happen because 2 members of the Finance Committee voted against it today.

So if that happens, the city council will come back Tuesday, hopefully to put the finishing touches on the agreement which faces a deadline of just 24 hours later.

And Stone Peak has threatened to sue the city.

If this isn't a done deal by >> Okay.

Never boring at City Hall have her borrow.

Thank