*L.A.'s parking lot deal is proving to be a dud

The plan to lease out nine parking garages is on the brink of collapse because there's no interest, the LAT is reporting. This is major blow in the city's efforts at dealing with its deficit - the proposed lease deal was supposed to generate $53 million for the general fund.

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.

The parking lot idea was misguided from the start - just another in a list of desperation measures to raise enough money so that the really tough decisions, such as pension reform, could be put aside. And this is just the beginning - the city must still deal with a $350-million shortfall in the fiscal year that starts July 1. Once more the prospects of bankruptcy are looming.

*City Maven tweets that budget officials are meeting this afternoon on the parking dilemma.


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Politics stories:
Obama meets with victims of LAX shooting*
Maria Elena Durazo profile names a key name *
President Obama's arrival timed to rush hour (again)
Obama will visit DreamWorks Animation, Magic's home
Some USC students wish they were invited to Bush speech

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook