The City of Chicago, in order to close their yawning budget deficit without cutting any spending, resorted to a one-time sale of their parking meters to a third party.
Here is a link to a Chicago Tribune article about the lease. The City received $1.2 billion in cash, immediately, but forfeits the revenue from the meters for the term of the 75 year lease.
In practical terms, the meter rates have increased drastically. All week long they are basically $2 / hour, where ever there are meters (most side streets don’t have meters). From 8am to 9pm this would work out to $26 / day. You can see the rates on the meter. Note also the sign that you can’t put in money for more than 30 minutes at a time (on this particular meter) – probably that’s left over from its prior incarnation. I assume that there is some sort of credit card way to pay else you need to walk around with 100+ quarters (a roll?) just to pay for parking.