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| Los Angeles issues request for proposals to lease nine municipal parking garages, mayor\'s senior advisor says by Craig Barner |
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Los Angeles last week issued a request for proposals for the 50-year lease of nine municipal parking garages, said Mark Mullen, senior advisor to Mayor Antonio Villaraigosa.
Nineteen organizations that responded to a request for qualifications issued in February were invited to bid, Mullen said.
They include Ace Parking, Ampco System Parking, Bainbridge ZKS, Carlyle Infrastructure, Central Parking, CIM, Cintra, Classic Parking, Five Star Parking and Gates Group, according to the city’s website.
The remainder comprises InterPark/GE Parking Concepts, Kohlberg Kravis Roberts, LAZ Parking, P4 Partners, Parking Company of America, Parking Concepts, Prestige Infrastructure, Standard Parking and Starwood Capital, also according to Los Angeles’ website.
The deal could net the city between USD 200m to USD 500m, Mullen said, and it would share in profits but not be responsible for the garages\' upkeep. Loop Capital and JP Morgan are serving as financial advisors to the city, he said. Katten Muchin Rosenman is its legal advisor.
Bids are due 31 January, Mullen said. Then the city will review the responses to determine its next step.
The parking garages, which hold around 8,400 spaces, are throughout Los Angeles, Mullen said. The city hopes to use the money to help close a budget deficit of about USD 200m, he added.
If the bid is successful, the city could look at leasing or selling other assets, Mullen said, including street-based parking meters.
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