CHICAGO — Indianapolis Mayor Greg Ballard said he would revise key terms of a proposal to lease city parking meters to a private company for 50 years amid rising criticism from members of the Indianapolis and Marion County City-County Council.

The revised deal would allow the city to terminate the agreement every 10 years for a fee and decrease the size of the up-front payment to $20 million from $35 million, while increasing the city’s share of annual parking revenue going forward.

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