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Committee approves T‑FAR sale over convention center; debate over where public-benefit payments should go
Summary
A City Council committee approved a transfer-of-development-rights (T‑FAR) sale above the convention center and the staff-recommended split of public-benefit payments, after members debated a request to direct funds to Council District 14 and whether some money should support convention center planning.
A City Council committee on Tuesday voted to approve a transfer-of-development-rights transaction that sells air rights above the convention center and sets associated public‑benefit payments, the committee chair announced.
The planning department told the committee the project uses the city's T‑FAR process and identifies a T4 payment of $1,370,905 and a public‑benefits payment of $11,000,462. Planning staff said at least 50% of the public‑benefit payment would be placed in a public‑benefits trust and the remainder would be paid to the Los Angeles Housing Department trust as described in the planning report.
The vote followed questions about whether those funds should be spent citywide, limited to a one‑mile radius of the project or…
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