http://www.latimes.com/local/lanow/l...701-story.html
L.A. Council backs $39-million subsidy for downtown hotel project
by David Zahniser
The Los Angeles City Council moved forward Tuesday with plans to allow a real estate developer to keep $39.2 million in taxes expected over 25 years from a downtown hotel and residential project planned next to the 110 Freeway.
The council voted 11 to 0 to negotiate agreements that would let Greenland L.A. Metropolis Hotel Development retain one-fourth of the property, sales, hotel, parking, business, utility and other taxes that would normally flow to the city budget.
Greenland L.A., a company afiliated with Shanghai-based development firm Greenland Group, is seeking to build a 19-story hotel and a 38-story residential tower on a site just north of the L.A. Live entertainment complex. The taxpayer help was approved despite objections from Robert "Bud" Ovrom, top executive at the city's Convention Center.
Threaded Mode