The long-term parking meter lease agreement between the US city of Indianapolis and Affiliated Computer Services (ACS) will be reviewed by state authorities next month.

The Indianapolis Department of Public Works Board and the Rules and Public Policy Committee of the City-County Council will review the 50-year lease agreement.

Under the terms of the agreement, Indianapolis will receive $35m upfront and a share of revenue, which could increase from 20% to 50% during the span of the agreement, according to

If the proposal is approved, the contract is expected to generate revenues of about $400m.

ACS could spend $10m to replace the city’s old coin meters with newer ones, which will up hourly parking rates from $0.75 to $1.50 in some areas.