GPW: Self-Tempered Anarchy since 2009

Your GPW Editor-on-Occasion is Petra Fried in the City.
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stories along The Way

Friday, February 11, 2011

No takers on Villaraigosa's illegal parking structure deal

We say illegal because Villaraigosa's fire sale includes Pershing Square, whose operation and income is required by City Charter to belong to the Department of Recreation and Parks.

No fire sale takers.

Um...  ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha!

From the LA Times:
L.A. financial crisis deepens as bidders shun proposed parking garage deal

Dealing a fresh setback on the city budget, Los Angeles Mayor Antonio Villaraigosa’s plan for leasing out nine parking garages is on the brink of collapse, with an array of private companies showing no interest in the deal, a city official said Friday.

Firms that have been in talks with the city for the last year were unwilling to bid on the proposed concession agreement, which was supposed to generate $53 million for the city’s general fund budget in the middle of a deep financial crisis.

City Administrative Officer Miguel Santana, the top budget official at City Hall, had no comment Friday. But another high-level official, who requested anonymity because he was not authorized to speak, confirmed that the city was unable to lure bidders to its parking deal.

The City Council redesigned the parking concession agreement last month after its members received a barrage of complaints from business leaders in Hollywood, Westwood and elsewhere. Those changes, which were designed to keep parking rates from spiking dramatically, may also have made the deal unpalatable to potential bidders.
Read the rest at the LA Times.