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10 LA Projects Get $318MM in Formerly Snatched Funds

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The fallout from the shuttering of the state's 400 local redevelopment agencies--which once helped spur redevelopment by offering developers money for building in blighted or disadvantaged areas--continues, but this time it's good news, at least for LA. The Los Angeles Business Journal (sub. req.) reports that the Department of Finance, which is handling the dismantling of the redevelopment agencies (LA's was known as the CRA or the Community Redevelopment Agency), has approved $318 million for 10 proposed LA projects. The department was obliged to pay up for deals finalized before June 27, 2011. The big winner among the LA projects was the proposed Cleantech Manufacturing Center near Downtown, where the city hopes to establish a green manufacturing district based on energy and transportation--the project received its full CRA obligation of $13 million, which allows the city to hold on to the site. Downtown's Hope Street Family Center got nearly $6 million, all the money the CRA promised it, while Related's Grand Avenue tower received about the same amount--Related's Bill Witte says the money means the project can include affordable housing. Koreatown's giant transit-oriented development known as The Vermont (pictured) will get $5 million, and Bunker Hill's Broad Museum receives $8 million. There was also money set aside for projects in South LA, Pacoima, KTown, and for the NoHo train depot, currently being rehabbed. While the money is far from what was initially promised by the CRA, LA made out like a bandit compared to Glendale and Pasadena, which were handed lumps of coal by a Superior Court judge who refused to return the redevelopment money taken by the state.
· Endangered CRA Projects Get Some Funding [LABJ]

The Broad

Grand Ave. & Second St., Los Angeles, CA 90012

The Vermont

3150 Wilshire Blvd, Los Angeles, CA 90010