The rush is on at City Hall, and any motorist who uses a parking meter will end up picking up the tab—in a big way.

That’s the bottom line of a huge deal announced by Mayor Richard M. Daley on Tuesday morning, one that provides badly needed cash to shore up the strapped city treasury but also hits parking meter users everywhere in the city with up to eightfold fee hikes by 2013.

And Mr. Daley, citing the delicate financial markets, wants it all approved and enacted by Thursday, just three days after bids for the deal were received.