This is an unused alternative parachute found in the game's files in gta3.img that goes by the name of "pikupparachute".

I have applied a high quality texture for it for the.. better looks. (also found in the game's files)

I have not made any other changes besides placement fix so it doesn't look like it stays on CJ's head or something.

Drop & replace it in gta3.img or use Modloader. Have fun.