The Pittsburgh City Council is poised next week to reject a $451.6 million offer for its parking system that would, if completed, raise revenue needed to ward off a state takeover of the city’s pension system, which is only 30% funded.

A consortium including LAZ Parking and JPMorgan Asset Management last month extended the highest bid, $451.6 million, to the city. The group would operate and maintain Pittsburgh’s 11 parking garages and 9,000 metered spaces for 50 years. LAZ Parking is also involved in Chicago’s 2009 parking-meter privatization deal.

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