Mayor Johnson considering buying back rights to Chicago parking meters: Sources

CHICAGO (WLS) -- A controversial piece of Chicago government history may be getting new life inside City Hall.

Sources told ABC7 Chicago that Mayor Brandon Johnson's office is considering an attempt to buy back the city's parking meters.

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Rights to the meters were sold in 2008 by then-Mayor Richard Daley for more than $1 billion. It is believed that revenue since then has more than double that price.

Ownership of the meters is now back up for sale, and it could cost whoever buys them billions.

ABC7 was told by sources the mayor's plan could be unveiled next week.

ABC7 reached out to the mayor's office, and a spokesperson said Friday night they have no comment.

Alderman Pat Dowell, who serves as chair of the City Council finance committee, is criticizing the move.

She said in part, "This will only cost Chicago taxpayers more money, which we can't afford and will potentially lead to another credit downgrade."

This is a developing story.