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Politics & Government

Parking Structure Saga Continues...

Villaraigosa urges City Council to reopen parking plan, warns that failure to generate revenues from private investors would mean more city employees being furloughed.

Los Angeles Mayor Antonio Villaraigosa urged the City Council on Monday to salvage a plan to lease out several city-owned parking garages, including the Broxton Avenue facility in Westwood Village, warning that a failure to generate revenues from private investors would mean more city employees being furloughed.

Villaraigosa blamed the council for the failure of a draft agreement to draw potential bidders. He said its decision to restrict how much the incoming management could charge for parking was a turnoff for investors.

"The modifications, exceptions and carve-outs, allowed at the request of a few members, rendered a potentially lucrative city asset worthless—precisely as we repeatedly warned,'' Villaraigosa said in a letter to the council. "I therefore, once again, strongly urge you to immediately adopt a robust parking concession agreement—stripped of the modifications, exceptions and carve-outs previously allowed at the request of a few members—which will maximize the value of these assets."

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"If the city is unable to realize at least $53 million in revenue, after defeasance of debt, from a responsible parking concession agreement this fiscal year, then we must immediately implement additional spending reductions—including additional employee furloughs—which could have a deleterious effect on our ability to deliver basic city services,'' Villaraigosa said.

The council had modified the concession agreement last month to appease constituents who wanted to continue paying $2 to park at the Hollywood & Highland lot, and nothing at all for the first two hours to park at the Broxton lot in Westwood Village.

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This story comes courtesy of WESTWOOD/CENTURY CITY PATCH.

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