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Council approves $5.7 million parking revenue allocation for Studio City garage; wardrobe of concerns about district fund equity
Summary
The council approved a motion to set aside $5.7 million from the city's parking revenue fund to enable a parking structure contract award in Council District 5 (Studio City). Some members raised concerns about inter-district equity and asked for a comprehensive report on the fund.
The Los Angeles City Council on Tuesday approved a motion to set aside $5,700,000 from the city's parking revenue fund to allow awarding a contract for a Studio City parking structure in Council District 5.
Councilmembers debated whether the funding request—presented as a Rule 16 motion without a companion committee report—should proceed ahead of a broader review of the special parking revenue fund. Councilmember Holden said he wanted a fuller accounting of the fund and asked whether the project was "ready to go for a fact." City staff and supporters said land for the project had previously been acquired and the contract was ready to be awarded.
"This project has previously been approved. The land for the project was already acquired ... the contract is ready to be awarded," a staff representative said in response to questions. Councilmember Bernsen described the structure as "a very desperately needed facility" and said the bonds would be revenue bonds repaid with parking revenues from Council District 5.
Opponents on the floor expressed concern that the motion fronted funds citywide and could shortchange other districts. Councilmember Holden said he would seek a detailed report on the special parking revenue fund before endorsing additional transfers. Holden said he would vote against the item as a procedural matter and pursue further scrutiny afterward.
Supporters said the financing is structured as revenue bonds and that the debt service would be paid from revenues generated by the CD5 meters and from the new garage. "These are revenue bonds, not GO bonds," a council supporter said, arguing there would be no impact on other districts' balances.
The motion passed with the clerk’s tally given on the floor as "11 ayes, 1 no." The council directed staff to proceed with the allocation so the contract award could move forward for the Studio City site; councilmembers also asked for a future comprehensive report on the status of the special parking revenue fund and the choice between cash-funding and bond-financing for multiple projects.
