Del Valle, who is the Chicago City Clerk, also endorsed an existing lawsuit that claims the contract is unconstitutional.
He contends the deal requires Chicago to pay a hefty fee before it can add bike lanes or express bus lanes.
"This is crazy. It is inexcusable. We are stuck right now with a bad deal, a bad deal for the residents of the City of Chicago, a bad deal for tourist," del Valle said.
Parking rates rise Saturday, giving Chicago some of the highest rates in the nation.