PHILADELPHIA (CBS) – Part of the school district bailout that the mayor plans is an increase in the cost of parking on the street in Center City and University City.

Under the mayor’s plan, on-street parking rates in the core of Center City (Arch to Locust, 4th Street to 20th) will go from $2 an hour to $2.50 an hour. In the outlying portions of Center City, and in University City, rates will jump from $1.50 an hour to $2.

READ MORE: Officials Searching For Body In Schuylkill River In North Coventry

All this is designed to bring in an extra $6 million a year targeted for the School District of Philadelphia.

Deputy Mayor for Transportation Rina Cutler does not believe this latest hike, the second in two years, will keep people from coming into town.

READ MORE: Philadelphia Amtrak Travelers Hit By 'Not Surprising' Service Reduction Amid COVID Staffing Shortage

“We’re certainly hopeful it will not drive away traffic and that the rates are still within the range. So we are optimistic,” she said. “But we will keep our eye on it.”

The rate increase will affect both parking meters and multi-space kiosks. It is expected to take effect later this month.

Reported by Mike Dunn, KYW Newsradio

MORE NEWS: Authorities Investigating Possible Link Between Burglaries Across Delaware Valley, Police Confirm