LOS ANGELES (AP) — 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.
© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.