Posted by Dan Mihalopoulos and Hal Dardick at 10:37 a.m.; last updated at 11:45 a.m.

Parking meter rates will increase next month after the Chicago City Council today overwhelmingly approved Mayor Richard Daley's plan to lease the spots to a private firm for 75 years in return for a one-time payment of nearly $1.2 billion.

Some neighborhood parking meter rates will quadruple next month. Neighborhood spots that used to cost a quarter an hour will cost $1 an hour---and jump to $2 an hour in 2013. The top meter rates in the Loop will increase from $3 to $3.50 an hour, rising to $6.50 an hour in 2013. Chicago will have some of the highest parking meter rates in the nation.

Aldermen spent more than an hour debating Daley's plan before approving it 40-5, just two days after Daley unveiled it. Voting against were Alds. Toni Preckwinkle (4th), Leslie Hairston (5th), Billy Ocasio (26th), Scott Waguespack (32nd) and Rey Colon (35th).



Preckwinkle said she did not have enough time to review the deal. Mayoral aides briefed aldermen on Tuesday.

But Ald. Richard Mell (33rd), who backs the deal, said 72 hours was enough time to review it.



"How many of us read the stuff we do get, OK?," Mell said. "I try to. I try to. I try to. But being realistic, being realistic, it's like getting your insurance policy. It's small print, OK?"

Ocasio (26th) cited the impact on working people.



"I'm sorry, but there are too many people in our city living paycheck to paycheck," he said.

Ald. Thomas Tunney (44th) said that as a restaurant owner, turnover at meters is good for business.

"I truly believe the city is undermetered," he said. "Meters are for economic activity. They are to promote small business."

Tunney said he does not know how history will judge the 75-year lease, but, "this value in today's market is an unbelievable deal."

City officials have said the meter rate hikes will go into effect Jan. 1, but that it will take some time to adjust all the meters.

The Tribune also live blogged the meeting and you can read it by scrolling down...



The Chicago City Council this morning is debating Mayor Richard Daley's plan to lease parking meters to a private company for 75 years to bring in nearly $1.2 billion in upfront money. If approved as expected, meter rates will significantly increase next month. Neighborhood spots that used to cost a quarter an hour will cost $1 an hour. The top meter rates in the Loop will increase from $3 to $3.50 an hour, rising to $6.50 an hour in 2013. Chicago will have some of the highest parking meter rates in the nation.

The Tribune's City Hall team is covering the meeting and filing reports...

You can also watch the council meeting live by clicking here.

You can check out some Frequently Asked Questions about the deal here.

Posted at 11:20 a.m.

Ald. Billy Ocasio (26th) also said he would vote against the parking meter lease.



"I'm sorry, but there are too many people in our city living paycheck to paycheck," he said.



Ocasio, who also recently voted against Daley's 2009 budget, offered a lengthy and broad critique of the administration. He said the city is targeting poorer neighborhoods with red-light cameras and more aggressive booting of cars.



Ocasio said the city could save money by not paying so much in legal settlements and not having so many public information officers. The Tribune recently reported that the city has almost 50 public information officials who answer to the mayor's press secretary.



"Does every department need a press secretary?" Ocasio said.



Ald. Leslie Hairston (5th) also suggested she would vote "no" for lack of information about the private operator who would lease the meters.



"I don't really know who we are dealing with," she said. "We need answers before we can vote on this."

The Tribune has reported the winning bid for the parking meters came from a company formed largely by three infrastructure funds run by New York-based Morgan Stanley, which also won the lease for downtown government-owned garages in 2006.



The mayor's nephew, William Daley Jr., works for Morgan Stanley and lobbies state and Cook County officials on the firm's behalf. Morgan Stanley spokeswoman Marie Ali said William Daley Jr. had no involvement in the Chicago deal.



The Daley administration said the winners merely offered the biggest check of any qualified bidder.



Posted at 10:59 a.m.

During the first hour of debate, only Ald. Toni Preckwinkle (4th) has indicated she would not vote for the parking meter lease. She said she did not have enough time to review the deal. Mayoral aides briefed aldermen on Tuesday.