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Garage Deal Dead

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All the concessions the city wanted to impose on its deal to lease out the parking lots likely has killed any plan to privatize the garages, according to the LA Times. The Times reports that a "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." [LAT]