CHICAGO – Chicago has settled a legal dispute with the private operators of its parking meter system over lost revenue in an agreement that modifies the much-maligned lease and could save the city as much as $1 billion over the next seven decades.

The city will pay Chicago Parking Meters LLC $64 million in claims to compensate it for revenue lost when meters were taken out of service during various events and for disabled parking in recent years, but Mayor Rahm Emanuel claims changes in how future charges are assessed will save the city $1 billion.

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