The city’s new five-minute parking “grace period” — which Mayor Bloomberg has predicted will cause utter chaos — takes effect tomorrow.

Police officials have been explaining the new law to traffic agents, saying drivers now have an extra 300 seconds to clear out of an alternate-side parking spot or after a Muni-Meter ticket expires before they get a ticket.

Many drivers hailed the move.

“I think it’s fantastic. A little leeway would be great,” said Aalya Fatoo, 25.