Something is not right here. The City of LA is going to reimburse Eli Broad $52 million for the construction of a 370 space parking garage at the new museum he is building in downtown LA to house his famous art collection. That means the garage is costing $140,500 and change a space.
I certainly have no problem with Eli Broad. He has made billions, and is now giving back to his city. Fair Enough. But why is the city, through its redevelopment agency, paying half the cost of the museum’s construction (budgeted at $100,000,000) for the parking structure.
Like everything the government does, we simply don’t have enough sunlight on this project. Obviously, something isn’t right. We know that the land has been donated (or leased for 99 years by Broad for $7 plus million from the city). There may be some construction issues, but still.
Parking is a wonderful thing, and a garage to support this complex is needed. Let’s get the facts.