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.