City looks to garages to bail them out

After a full day of contentious debate, Los Angeles City Council members agreed Wednesday to move forward with a plan to lease city garages, but the money will not likely arrive in time to help bridge this year's $63million budget gap. Daily News.

Leasing the garages for 50 years is expected to raise an immediate $53million - and up to $1 billion over time - and is supported by most city workers, who've been told to expect more layoffs and furloughs if the plan does not go ahead.

But Councilman Bernard Parks, who chairs the city's Budget and Finance Committee, said the council's authorization Wednesday to begin negotiations to lease the garages would probably not result in any money until July, when next year's budget starts. The city is already expecting a deficit of $353 million in the next fiscal year.