clock menu more-arrow no yes

Filed under:

Possible Downtown Broad Art Museum Deal Outlined

New, 30 comments

The Daily News reports that the latest proposal for Eli Broad's planned modern art museum would let the billionaire lease the downtown parcel---the museum would be located on a lot near Walt Disney Concert Hall, as seen in the photo---for $1 a year for 99 years, an idea that County Supervisor Michael Antonovich's office, which has long railed against parts of the project, is questioning. Via the Daily News: "Instead of a project that generates sales and property taxes, we'll now have an art museum that generates no property or sales taxes and Mr. Broad will get the land for free," said Paul Novak, planning deputy to Antonovich.

"So the question we are asking is why is the city proposing to give away one of the most valuable pieces of property in downtown Los Angeles to one of the richest men (in the nation) rather than putting it to tax-producing revenue uses?"

Meanwhile, Beverly Hills is now out of the running, having withdrawn from the Great Eli Broad Museum Race last week, but Santa Monica is also offering a cheap lease deal to Broad, offering a 2.5-acre site for $1 per year for 99 years. Given the surrounding cultural institutions, a rep for the city tells the paper that Santa Monica "envision this area as an important cultural focal point for Santa Monica."
· Los Angeles city officials consider giving land to billionaire Eli Broad [Daily News]