*L.A.'s parking lot deal is proving to be a dud

The plan to lease out nine parking garages is on the brink of collapse because there's no interest, the LAT is reporting. This is major blow in the city's efforts at dealing with its deficit - the proposed lease deal was supposed to generate $53 million for the general fund.

The City Council redesigned the parking concession agreement last month after its members received a barrage of complaints from business leaders in Hollywood, Westwood and elsewhere. Those changes, which were designed to keep parking rates from spiking dramatically, may also have made the deal unpalatable to potential bidders.

The parking lot idea was misguided from the start - just another in a list of desperation measures to raise enough money so that the really tough decisions, such as pension reform, could be put aside. And this is just the beginning - the city must still deal with a $350-million shortfall in the fiscal year that starts July 1. Once more the prospects of bankruptcy are looming.

*City Maven tweets that budget officials are meeting this afternoon on the parking dilemma.