COUNCIL VOTE SETS STAGE FOR OSCARS SITE.Byline: Deborah Sullivan Daily News Staff Writer The Los Angeles City Council  The Los Angeles City Council is the governing body of the City of Los Angeles, California, United States. gave final approval Friday for $98 million in bonds to finance a new Academy Awards entertainment center, clinching a deal that critics have called ``welfare for Oscar.'' In a 9-2 vote, with Joel Wachs Joel Wachs served for several terms as Los Angeles City Councilman for the 2nd district. He was first elected by defeating incumbent James B. Potter. While in office, Wachs chaired the Public Works Committee and vice-chair of the Environmental Quality & Waste Management and Rita Walters Rita Walters (1930-) is currently the commissioner of the Los Angeles Public Library. Prior to this position, she served on the Los Angeles City Council representing the 9th district. During that time, she chaired the Arts, Health & Humanities Committee. dissenting, the council approved $31.6 million in bonds for the 1.7 million-square-foot TrizecHahn project - including a 14-screen cinema, live performance theater and other commercial space - and $66.6 million in bonds for a 3,000-car parking structure for the project. Proponents said the complex, which will house the Oscar ceremonies, will restore Hollywood's fading luster. ``Hollywood has been really a cesspool cesspool: see septic tank. ,'' said City Council President John Ferraro John Ferraro (May 14 1924—April 17 2001) served as a Los Angeles City Councilman from 1966 until his death. Early life Ferraro was born in the working class suburb of Cudahy, California, just south of Los Angeles. . ``People come from all over the world to see it and they regurgitate re·gur·gi·tate v. 1. To rush or surge back. 2. To cause to pour back, especially to cast up partially digested food. re·gur and leave. So let's try to make it a place we can all be proud of.'' But Wachs and Walters called the deal - which will cost about $300 million over 30 years, including interest payments - a corporate handout at the expense of taxpayer services like police and parks. ``One of the world's biggest developers, whose assets are over $5 billion, is asking us to put up $300 million,'' Wachs said. ``And suddenly you don't have any money to pay for the things all your own citizens need. I think the council members who vote for this will rue the day.'' Community Redevelopment Agency Administrator John Molloy Captain John Molloy (c. 1789–6 October 1867) was an early settler in Western Australia. He was one of the original settlers of Augusta. Early life Little is known about John Molloy's birth and early life, and published accounts vary greatly in their details. said the bonds will pay for themselves through parking revenues, and property and sales taxes on the complex. ``The facility itself will be an enormous addition to the Hollywood area,'' Molloy said. But Wachs and Walters objected, saying the $66.6 million parking bond, supported by parking revenues, will not be guaranteed by the developer. And the debt service is to be paid through sales and property taxes the complex generates - the same conditions Wachs successfully fought on the Staples Center sports arena. ``They want us to count the taxes, which every other business in the city pays, toward the debt service,'' Wachs said. ``No other business is able to use their taxes to pay off their debts.'' ``I think this is too much of a giveaway of city monies for a developer that can afford to take the risk on themselves,'' Walters said. |
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