City would get $1.2 billion in meter lease deal

Mayor Richard Daley is pushing a nearly $1.2 billion deal to lease Chicago's parking meters to a private operator.

Daley on Tuesday said the money would help the city weather tough economic times.

The proposed 75-year lease for parking meters is the latest deal for the city, which is leasing other assets to raise money -- including Midway Airport and the Chicago Skyway.

The meter lease deal will result in higher parking rates. Daytime downtown hourly parking rates will climb from $3 to $3.50 next year and then to $6.50 in 2013. Neighborhood meter rates will climb from 25 cents to $1 next year.

Daley will ask the City Council to approve the deal at a special meeting on Thursday.