Parking meter plan hearing today

Mayor Rahm Emanuel’s controversial parking meter plan will get its first public hearing Friday.

24 aldermen have already come out in support of the plan, which strikes a long-term lease with the company, Chicago Parking Meters.

According to a Tribune analysis, Chicago Parking Meters could end up with $517 million in additional revenue above parking meter fees.

•About $173 million would come from future out-of-service penalties, based on the $4.5 million a year the city estimates it will continue to pay.

•The new pay-by-cell system, which would allow drivers to use an app to feed pay boxes, could generate up to $76 million in profits, in part from convenience fees.

•The city also could end up paying more than $216 million in penalties for excessive disabled parking use.

Critics say the deal leaves taxpayers footing the bill. Mayor Emanuel said the plan will save the city $ 1 billion in the long run.

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