LA City Council agrees to lease parking garages

The Los Angeles City Council has approved a plan to lease nine city-owned parking structures to help reduce a projected $320 million budget deficit. 
 A spokesman for Council President Eric Garcetti said the council voted 9-3 on Wednesday to solicit bids from private companies willing to lease and operate the garages for 50 years. The city would get a payment up front and a share in the operator's annual revenue.

City administrators estimate that the deal would generate at least $53.2 million to help avoid layoffs and cuts to city programs in the next fiscal year.

Up for leasing would be garages at the Hollywood and Highland shopping and entertainment complex, downtown's Pershing Square and the Arclight Cinerama Dome. 
City of Los Angeles
  • Join our community for FREE today!

  • Create and share your own profile

  • Join the discussions

  • Publish your own items

  • Subscription to our Weekly eNewsletter

your benefits?

Get connected with parking professionals worldwide

Create your account

Sign in with LinkedIn Close

FREE membership benefits

  • * create and share your own profile
  • * join the discussions
  • * publish your own items on parking-net.commanage news, jobs, tenders, companies, events, showcases, educations, associations and literature.
  • * subscribe to our weekly eNewsletter
Add news yourself


There are no comments yet for this item

Join the discussion

You can only add a comment when you are logged in. Click here to login