CHICAGO (CBS) — Ald. Bob Fioretti (2nd), who is running for mayor, has proposed setting up a parking ticket amnesty program to raise much-needed revenue for the city.

Fioretti, who is one of four challengers facing off against Mayor Rahm Emanuel next month, said he’s introducing an ordinance that would cancel the onerous fees and penalties for parking ticket scofflaws, if they pay up their original unpaid parking fines in full.

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The alderman said a parking ticket amnesty program could be an economic boost for the city.

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“I think we can collect a good portion right now. The last time we did it, it was about $7 million,” Fioretti said.

People who owe $10,000 or less in fines and penalties would be eligible for the program. Payment plans would be available for some.

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However, movement on such a measure is unlikely before the mayoral election on Feb. 24.