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Privatizing Parking On the Table

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Generating revenue through some type of public-private partnership involving the city's parking is mentioned in the Mayor's proposed budget, released yesterday. Here's the Los Angeles Times: "The mayor's budget now goes before the City Council, which has 10 weeks to accept or amend the sweeping spending plan that arrived with critical components still in question. Those include one of the mayor's main sources of anticipated revenue: an $80-million windfall from leasing six city-owned parking garages to private investors." The actual budget (you can see it here) proposal also mentions the possibility of partnership involving the city's 41, 000 metered spaces, but notes that following the upgrade of those 7,000 meters, it would cost $25 million-$35 million to upgrade the rest of the meters. The proposal also touts Chicago as a model for doing a private/partnership deal. Meanwhile, we just can't wait to see if those handsomely paid City Council members follow the Mayor's move and take pay cuts! [LA Times/Mayor's site]