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Council hears timeline, costs and Olympic planning for downtown development project
Summary
Councilmembers pressed city staff about costs, schedule and coordination with LA28 for a downtown development project; staff said $54 million has been spent to date, value engineering trimmed about $124 million from an earlier $1.7 billion estimate, and a final CAO recommendation is expected by month-end.
The Los Angeles City Council on Tuesday heard detailed questions about the costs, schedule and Olympic-readiness of a major downtown development project as staff briefed members before a vote on related approvals.
Councilmember Marqueece Harris-Dawson (council president) opened consideration of the item after members called it for comment; Councilmember Marqueece Jurado said the project “brings new homes to South Park” and highlighted public benefits directed in part to the CD14 Public Benefits Trust Fund. Jurado said the benefits could include affordable housing, small business support, public safety strategies and arts investments.
Councilmembers pressed city financial staff and consultants on costs and timelines. “So at this point, we spent about 54, $54,000,000,” a CAO staff member told the council…
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