PLAN'S NEEDS ARE GRAND -- $125 MILLION ANALYST: PUBLIC FUNDS VITAL TO FINISH LUXURY HOTEL PROJECT.Byline: RICK ORLOV Staff Writer The $2.05 billion Grand Avenue project will need $95 million in taxpayer funds plus $30 million in public improvements to build the luxury hotel planned for the site that backers say will be the crown jewel Crown jewel A particularly profitable or otherwise particularly valuable corporate unit or asset of a firm. Often used in risk arbitrage. The most desirable entities within a diversified corporation as measured by asset value, earning power, and business prospects; in takeover of downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . In a report released Friday to the City Council, Chief Legislative Analyst Gerry Miller said public money is essential to complete the Frank Gehry-designed project on 3 acres across from the Walt Disney Concert Hall This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since September 2007. . ``I think if you look at Grand Avenue now and what it could be, the cost is justified,'' said Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the of the Economic Development Corp. ``Right now, all you have is a bunch of parking lots that bring in limited amounts of revenue. ``Here, we're talking about a project that will create thousands of jobs, provide more housing and bring in income to help everyone.'' Miller's report is the first to outline how much public funding Public funding is money given from tax revenue or other governmental sources to an individual, organization, or entity. See also
It says the public would have to contribute $95 million under the proposed agreement, which still needs approval of the City Council and the county Board of Supervisors The examples and perspective in this article or section may represent an unduly geographically limited view of the subject. Please [ improve this article] or discuss the issue on the talk page. The Board of Supervisors is the body governing counties in the U.S. . That includes $60.5 million in hotel bed tax revenue, $5.5 million in parking taxes, $24.4 million from the Community Redevelopment Agency, and $4.6 million from the county. In addition, the city and county will provide other investments totaling $29 million: $12 million for on-site public improvements; $10 million for affordable housing; $5 million for off-site improvements; and $2 million for streetscape street·scape n. 1. An artistic representation of a street. 2. Surroundings composed of streets: the urban streetscape. . Officials with the Related Cos., which the Grand Avenue Authority selected as the developer, have said the public investment is needed to make the project possible. County Supervisor Michael D. Antonovich Michael Dennis Antonovich (born 1939 in Los Angeles, California) is a member of the Los Angeles County Board of Supervisors representing the Fifth District, which covers northern Los Angeles County, the Antelope, Santa Clarita, Pasadena, and parts of the San Fernando and San has been the most outspoken critic of the proposal, and one of his top aides said he remains opposed. ``The supervisor is convinced that we are just beginning to learn the cost of this and that it could go even higher,'' said Paul Novak, Antonovich's planning deputy. ``It represents the start of what could be an endless subsidy of the project. And information has been slow in coming to us on what the cost of this will be. So far, it seems the only benefit to this has been to the developer.'' But city officials, including Mayor Antonio Villaraigosa Antonio Ramon Villaraigosa (born Antonio (Tony) Ramon Villar, Jr. on January 23, 1953) is the mayor of Los Angeles, California. He is the first Latino mayor of Los Angeles since Cristobal Aguilar in 1872. , reiterated their support for the project. ``Every penny of city investment is revenue that will be generated by the project,'' mayoral spokesman Matt Szabo said. ``The dividends to the city and county on this project are enormous.'' City Councilwoman Jan Perry Jan Perry (circa. 1954 —) currently represents the 9th district of the Los Angeles City Council. External links
Preceded by Rita Walters Los Angeles City Councilwoman , whose district includes the redevelopment area, also said she thinks the subsidies and other expenses are justified. ``We are talking about an enormous amount of revenue being generated in this project, not to mention the jobs that will be created.'' Perry also credited Supervisor Gloria Molina Gloria Molina is a member of the Los Angeles County Board of Supervisors, and the current chairwoman of the Los Angeles County Metropolitan Transportation Authority.[1] Molina grew up as one of ten children in the Los Angeles suburb of Pico Rivera, California, U.S. for pushing for the development of affordable housing and a 16-acre public park during the first stage of construction. ``We are learning more and more how to put these deals together, and I think this one is important from a number of standpoints.'' The report was released the day after the Community Redevelopment Agency unanimously approved the civic center project. The scope of work for the Grand Avenue project is massive, calling for creation of a park and improvements on Grand Avenue from Fifth Street on the south up to Cesar Chavez Boulevard on the north. The 16-acre park would be created between City Hall and Grand Avenue, and more than 2,600 residential units, including 552 affordable units, would be built as part of a complex that includes the luxury hotel and nearly 450,000squarefeet of commercial development. In addition, plans called for building a 50-story glass tower that would contain the hotel, 250 condominiums, a rooftop pool, bar and spa. Also included are plans for open-terraced restaurants and a gardenlike atmosphere featuring outdoor art. rick.orlov(at)dailynews.com (213) 978-0390 |
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