PHOENIX — The Phoenix City Council approved a measure Wednesday to raise rates at parking meters around the city.

The proposal will see meters priced anywhere from $0.50 to $4 an hour based on demand and the nature of events are happening nearby. The higher-priced meters will likely be those closest to Chase Field and US Airways Center during games, concerts and other major events.

The proposal also would lengthen the number of hours meters are active daily.

“If this is adopted, the new hours would be from 8 a.m. to 10 p.m. Monday through Sunday,” said Councilman Daniel Valenzuela.

Valenzuela said that a council subcommittee originally considered charging a $6-an-hour rate.

“We felt, as a subcommittee, that $6 would be a little steep,” he said. “We voted to keep the maximum at $4.”

Valenzuela said he believes the changes could pump a lot of money into the city.

“Currently, the parking meters bring in approximately $1.6 million (annually),” the councilman said. “It is believed that an additional $2 million can be raised, according to city staff.”

KTAR’s Bob McClay contributed to this reporter.