The unanimous vote from the council follows recommendations from the city’s trade, travel and tourism committee.
It comes just over a week after the Los Angeles World Airports (LAWA) Board of Airport Commissioners also approved the $2bn contract for the project, awarded in early September to LA Gateway Partners.
LA Mayor Eric Garcetti said: “Today’s approval is a historic investment in our infrastructure – a milestone that will create middle-class jobs, reduce traffic congestion, and deliver a world-class experience for travelers.”
A spokesperson for LAWA confirmed to P3 Bulletin that it is “targeting early December for financial close”, with the project expected to begin operations in 2023.
Led by Fengate Capital Management, PCL Investments USA and MVI Finance, the team will design, build, finance, operate, and maintain the project, which will agglomerate over 20 rental car locations in proximity of the airport in one single facility, adjacent to the 405 freeway.
The project, to be connected to the Automated People Mover, will include 6,600 parking stalls, 10,000 idle vehicle storage and 1,100 rental car employee parking spaces.