Chicago Mayor Rahm Emanuel has ordered an independent audit of the city's 75-year, $1.15 billion parking meter deal.
In a news release Monday, Emanuel says he's ordering the audit to make sure that long-term contracts to manage the city's assets are being managed properly.
The audit will look at the agreement with Chicago Parking Meters LLC to make sure the company's revenue collections match the number of parking meters used around the city. The city says consultants will begin the audit in November.
Emanuel inherited the parking meter agreement, which the City Council approved under former Mayor Richard Daley in 2008.
"It’s a bad deal for the city of Chicago," Emanuel said at a press conference on Monday. "It should not have been done. Given that it’s done, I don’t want a bad deal to get worse."
Emanuel's office says the city also plans audits of the city's leases of the Chicago Skyway and lakefront parking garages.