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City Paying To Finish CIM's Midtown Crossing Project

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Our Curbed tipster was absolutely correct: Just after yesterday's mention of the slow-to-completion CIM Midtown Crossing project, that mixed-use development at Pico and San Vicente, comes a Los Angeles Times story that looks at how the city is pumping money into the project to get it completed. Via the paper: "To complete Midtown Crossing, Villaraigosa's appointees at the Community Redevelopment Agency recently recommended that the City Council increase the size of the project's subsidy from $5 million to $14.3 million." And there's more: City officials are trying to help establish the area as a sign district-with "supergraphics"--to drum up money (a similar sign district has been suggested in Koreatown). So you may be getting ugly signage, area residents. But the paper paints a cozy relationship between CIM and the city: Two city pension boards are putting city employee retirement dollars in to CIM funds; plus, CIM has received "financial help with projects in at least three other neighborhoods," according to the Times.
· L.A.'s generosity flows to complete Midtown Crossing development [LA Times]