Parking Meters, Garages May Be Leased

On the heels of raising parking meter fees, the city is looking into leasing its parking garages and parking meters to help cover the deficit, reports the LA Times' Steve Hymon. The model seems to be Chicago, which recently leased 36,000 parking meters and garages to Morgan Stanley for 75 years in exchange for $1.15 billion upfront in cash. Via the Times, here's how it breaks down: "As part of the deal, Morgan Stanley gets to keep all revenue from the city's about 36,000 meters for 75 years, but agreed to upgrade many of the city's meters. The city also agreed to expand meter hours and significantly raise meter rates for the first time in years -- with some rates for key downtown locations going from $3 an hour to $6.50 in 2013." Additionally, Morgan Stanley will be allowed to do "supplemental enforcement" on the meters, according to the paper, and write citations. Councilwoman Wendy Greuel tells Hymon that any deal the city accepts "has to make long-term financial sense." [LA Times]