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Committee approves termination of Ellis O'Farrell Parking lease after MTA assumes operations
Summary
The committee approved terminating the city’s long‑running lease with Ellis O'Farrell Parking Corporation after the MTA paid off bonds and assumed daily operations; analysts estimate annual savings of about $174,174.
The Budget & Finance Committee on Feb. 6 approved a resolution authorizing termination of the lease between the City and the Ellis O'Farrell Parking Corporation for the garage at 123 O'Farrell Street after the Municipal Transportation Agency (MTA) paid off the corporation’s bonds and assumed daily operations.
MTA staff explained the corporation was formed in 1963 to finance the garage via bond sales and that the MTA has assumed operations, two retail leases and 20 service contracts as of Feb. 1. The budget legislative analyst estimated the termination would save the MTA roughly $174,174 annually by discontinuing redundant corporate oversight costs. The committee approved the termination and, by separate motion, made the termination retroactive to Jan. 31 to reflect the MTA’s operational assumption.
The resolution will be forwarded to the full Board for final action.
