Pittsburgh unseals $451M parking takeover bid

PITTSBURGH (AP) — Pittsburgh has received a $451 million offer to run its parking garages and meters under a proposal that would wipe out the parking authority’s debt and boost the city’s struggling pension fund.

Mayor Luke Ravenstahl announced the high bid by investment firm J.P. Morgan and LAZ parking on Monday. The 50-year lease would put city-owned parking garages and street meters in private hands.

Ravenstahl says the offer is more than $100 million more than his office deemed necessary to meet debt obligations. The parking authority has about $100 million in debt and the pension fund needs a $200 million infusion to avoid a state takeover.

Ravenstahl says the money left over from the sale could be funneled back into the pension fund or use for capital improvements.

City council will have to approve any lease plan.