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.