RFP out for Los Angeles parking garages

The pre-qualified consortia are required to submit fully financed offers by January 31 2011 for the more than 8,000 parking spaces on offer. The contract should be awarded in mid-February.

The city of Los Angeles has released a request for proposals (RFP) for a long-term lease of ten of its parking garages comprising 8,398 parking spaces.

LA: planning to
lease over 8,000
parking spaces

The RFP asks pre-qualified bidders to submit fully financed offers by January 31 2011. Following that, a preferred bidder may be announced on February 3 or, if deemed necessary, a last round of bidding will commence with best and final offers (BAFOs) from the shortlisted bidders expected by February 10. The contract should be officially awarded on February 16 or February 17, according to the RFP.

Earlier this year, Chicago-based Loop Capitals, acting as the city’s sole sell-side advisor on the deal, said it expected to raise between $200 million and $300 million on a 50-year lease of the ten parking garages.

In addition to the ten garages already included in the contract, the concessionaire will have the option of negotiating the inclusion in the contract of three other garages currently in construction.

Proceeds from the deal would likely be used to replenish Los Angeles’ reserve fund, after using approximately $95 million to pay off debt from some of the parking garages, according to an earlier press release.

To view the RFP, please click here.