Pittsburgh’s City Council last week rejected, for the second time, a plan to enter its parking facilities into a long-term lease agreement with private investors in order to boost the city’s pension fund and avoid a state takeover of the fund.

Officials voted down a revised parking privatization plan in which LAZ Parking would have given Pittsburgh an up-front payment of $305 million and a percentage of future parking revenues. In exchange, LAZ Parking would have owned the rights to operate parking facilities owned by the city and by the Pittsburgh Parking Authority under a 40-year lease with an option for termination after 30 years.

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