Emanuel: Revised parking meter pact saving money

Chicago Mayor Rahm Emanuel says a renegotiated parking meter contract appears to be paying off.

Emanuel said Wednesday that the city and motorists saved about $2.1 million in the last six months of 2013 under a revised deal between the city and a private parking meter company.

The much-maligned 75-year contract approved under ex-Mayor Richard Daley privatized the city's 36,000 parking meters in exchange for a one-time payment of $1.1 billion.

That money is gone and the city has the nation's most expensive metered parking.

Emanuel got the company to settle claims of lost revenue due to street closures for millions of dollars less than what the company said was owed. The company also agreed to free Sunday parking in neighborhoods in exchange for extended evening hours in some areas.