The state of California is kicking in $25 million towards helping LA buy an over-40-acre property that's sandwiched between the LA River and the existing Rio de Los Angeles State Park in Glassell Park and Cypress Park. The LA Times reports that this amount will cover "the majority of the purchase price" of Taylor Yard Parcel G2, which the city has been hoping to buy for more than a decade. LA officials are still negotiating with Union Pacific Railroad, which owns the parcel across the river from Frogtown (aka Elysian Valley).
Mayor Eric Garcetti last year called Taylor Yard G2 a "crown jewel" in the plans to revitalize the LA River; since it's such a large piece of land, any restoration here would likely have a large impact on the rest of the waterway. When the city announced plans to buy it in late 2013, the plan was to convert the former rail yard into green space for the public as well as wetlands that would help clean up the river and improve water quality. This property is part of the 11 miles in Downtown and Northeast LA that are poised for a $1-billion-plus makeover; the LAT says that LA and the federal reps "are in the final stages of working out a cost-sharing agreement" for that project.