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The cheapest parking I know of in the area would be at Union Station about .5mi away.
Parking is available in the Gateway Center Garage located under the Patsaouras Transit Plaza. The entrance is on Vignes Street. The daily rate is $6, with a 30-day limit. Payment is accepted using cash and major credit cards (Visa, MasterCard, and American Express). The parking garage is patrolled regularly by security officers.
After we set up we may find local residential parking, but I am not familiar with the area.

Parking
Submitted by Swietlik on
Source: I lived at the intersection for 2 years.
On the east side of union
Submitted by qazwsx on
On the east side of union station is a parking structure for $6/day. A pretty close walk to City Hall. More info on the fly-away site.
http://www.lawa.org/welcome_lax.aspx?id=4696
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