|
|
Article: City may lease parking garages to bolster pension fund
- Article from:
- Tribune-Review/Pittsburgh Tribune-Review
- Article date:
- January 16, 2009
- Author:
CopyrightCopyright 2009 Tribune-Review/Pittsburgh Tribune-Review. Provided by ProQuest LLC. (Hide copyright information)
|
Leasing Pittsburgh's parking garages could produce hundreds of
millions of dollars and bolster the city's anemic pension fund,
Mayor Luke Ravenstahl said Thursday.
"What we're trying to do is get a big chunk of money into that
pension fund, because I think that's what it needs," he said.
Ravenstahl asked the Parking Authority to hire a consultant to
study whether leasing the authority's 10 garages -- and perhaps its
37 surface lots and 8,000 parking meters -- would raise a
"significant amount" of money.
If a long-term lease would not net the city at least $100 million
after the Parking Authority's $108 million debt is paid off,
Ravenstahl said he would not pursue the idea.
The pension ...