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10 L.A. parking garages to be leased out

August 18, 2010 12:34:23 AM PDT
The Los Angeles City Council voted 9-3 Wednesday to solicit bids for a 50-year lease on 10 city-owned parking garages, and use the revenue to ease its budget crisis.Under the plan, Los Angeles would get $53 million up front and then earn an annual share of the private operators revenue.

The city hopes to use the money to pay off debts, replenish the reserve fund and help reduce the estimated $320 million deficit projected for the next fiscal year.

Some critics, however, expressed concern that the deal would force the public to pay more for parking.

The proposal includes parking garages at Pershing Square in downtown Los Angeles and Hollywood & Highland and the Cinerama Dome in Hollywood, along with structures in Westwood, Sherman Oaks, Van Nuys, Hancock Park, West Los Angeles and Studio City. The structures amount to about 8,400 parking spaces.

The council hopes to have a contract drawn up with a private operator by the end of the year.