In an effort to alleviate some parking problems in Studio City, the City Council on Tuesday approved the purchase of a Ventura Boulevard site for a 400-space parking structure.
The purchase and construction of the facility will be the first project funded by a new city bond program, borrowing on the future revenues the project is expected to generate.
In this case, the funds earned from parking meters would pay off the bonds, city officials said.
The parcel on Ventura Boulevard between Laurelgrove and Vantage avenues, which the city will purchase for $2 million, is adjacent to a surface parking lot already owned by the city.
Design and construction of the new multistory parking facility will cost $4 million, according to city officials.
Councilman Mike Feuer said the businesses on Ventura Boulevard also are in the process of creating a Business Improvement District that would beautify the area. This is one way, he said, for the city to provide support of its own.