Garage leasing plan approved

The Los Angeles City Council approved a plan Wednesday to lease out nine publicly owned parking garages in order to replenish city coffers and avert worker layoffs and furloughs.Daily News.

The plan calls for private companies to lease and operate the garages for 50 years, giving the city a payment up front and a share in the operators' annual revenue. Officials estimate the deal will generate $53.2 million in the next fiscal year and help avoid layoffs and cuts to city programs.