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SEVEN FIRMS AWARDED GRANTS; INCENTIVE PROGRAM ATTRACTS ENTERTAINMENT INDUSTRY TO HOLLYWOOD

 SEVEN FIRMS AWARDED GRANTS; INCENTIVE PROGRAM
 ATTRACTS ENTERTAINMENT INDUSTRY TO HOLLYWOOD
 HOLLYWOOD, Nov. 3 /PRNewswire/ -- Marking a major milestone in efforts to attract and retain the entertainment industry in Hollywood, the Community Redevelopment Agency will grant the first awards of a $1 million incentive loan program to seven firms choosing to locate and expand their facilities within the boundaries of the 1,100-acre Hollywood Redevelopment Project, CRA Commissioner Christine Essel announced today.
 City Councilman Michael Woo, whose district includes Hollywood, said, "These loans signal a strong commitment to keeping the entertainment industry and its many jobs exactly where they belong -- in Hollywood."
 Program funds awarded to three new Hollywood businesses and four existing firms are essentially matching grants of up to $250,000. Structured as "disappearing" loans, the amount to be repaid will decrease by 10 percent each year for program participants who are committed to stay in Hollywood for at least 10 years.
 Funds provide capital improvements to four landmark facilities currently located in Hollywood:
 -- A & M Records, a major recording studio, has proposed fencing, landscaping and painting alongside its facility fronting La Brea Avenue;
 -- Encore Video will provide tenant improvements to approximately 11,000 square feet of new post-production facility office space;
 -- HKM, an international commercial production company located in the historic Hollywood USO building, proposes to convert unused space into production offices; and
 -- Limelite video post-production will upgrade its 16,500-square- foot facility.
 The incentive program has also drawn three businesses new to the entertainment capital:
 -- Hollywood Digital, a state-of-the-art post-production company, will upgrade its recently acquired 33,000-square-foot headquarters;
 -- Studio Photo Service that provides photo-finishing services for major studios will rehabilitate a newly leased facility; and
 -- Sweitlik, a production and post-production company, has proposed renovation of a 2,900-square-foot suite in Hollywood's historic Citizen News building.
 The CRA is offering the interest-free loans for capital improvements of up to $250,000 to firms involved in the production and post-production of feature films, television, radio, cable programming, commercials, music recording and related fields. The next application period for program funds begins in January.
 The entertainment industry agenda is a key element of efforts to spark economic development in Hollywood. Programs underway include development of a cinema district, tourist attractions, a live theater district and an area-wide retail, commercial and residential renaissance, said Essel.
 -0- 11/3/92
 /CONTACT: Marc Littman or Gayle Anderson, Public Information Office, of Community Redevelopment Agency, 213-977-1951/ CO: Community Redevelopment Agency ST: California IN: ENT SU:


KJ-JB -- LA019 -- 2138 11/03/92 15:06 EST
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Publication:PR Newswire
Date:Nov 3, 1992
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