The revised proposal would allow for early termination of the deal if the city deems it not successful, 6News' Derrik Thomas reported.

Indianapolis officials want to enter into a 50-year deal with three contractors, headed by Affiliated Computer Services, to manage its parking meters and garages.

In return, Indianapolis would receive a $20 million cash payment upfront, in addition to the money promised over the course of 50 years. Every 10 years, the city would be permitted to reevaluate the deal.

"By incorporating early termination provisions and significantly increasing the amount of money available to invest in downtown and Broad Ripple infrastructure in the future, this innovative collaboration provides for even greater flexibility for future community development efforts and events, along with new, easy-to-use parking meter technology," Ballard said in a news release.

The revisions were in response to critics of the plan who thought the deal was too long. Some critics remain, however, including those concerned about parking meter price increases in the cultural districts of Broad Ripple and Massachusetts Avenue.

Under the previous proposal, Indianapolis would have received $35 million upfront, but the old proposal promised just $400 million over the life of the agreement, compared to $620 million in the current proposal.

Other revisions include the ability for the city to remove up to 200 meters. Indianapolis would retain advertising and naming rights.

The meters will accept credit and debit cards, in addition to cash.

ACS agreed to bring 200 new jobs to Indianapolis that are not related to the parking deal if the proposal is approved.

But Democratic Councilor Joann Sanders said Wednesday she has misgivings about giving up the right of way to a private company on city streets, and said she doesn't believe the city needs ACS.

"We can do revenue bonds that will pay themselves off from the revenue generated by the parking meters, and we would have all the revenue generated," she said. "The portion that would go be going to ACS, which far exceeds any amount we will get, would stay within the city."

The public will get a chance to weigh in on the parking proposal. There will be hearings at the City-County Council Rules and Police Committee.

Ballard said he hopes the measure will pass by the beginning of next year.

More Information: Key Proposal Revisions