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City Council approves bond exemption for Wing Hing Noodle, rescinding living-wage condition
Summary
The Los Angeles City Council voted 12-0 to remove a living-wage requirement attached to industrial development bonds for Wing Hing Noodle Company, allowing the family-owned firm to proceed with financing to expand operations in South Los Angeles amid competing appeals from labor and business groups.
The Los Angeles City Council on Oct. 26 voted 12-0 to remove a living-wage condition attached to industrial development bonds for Wing Hing Noodle Company, a family-owned food manufacturer in Council District 9. Councilwoman Jan Perry moved the measure, and the council approved it and forwarded the matter to the mayor.
The vote clears a path for Wing Hing to complete a bond-backed financing package that the company and bond counsel said must close by Nov. 20 to avoid losing a performance deposit and to satisfy a 90-day closing requirement tied to approval by the California Debt Limit Allocation Committee.
Councilwoman Jan Perry said the company currently employs 41 people and plans to expand over two years to about 120 employees, and she framed the measure as an effort to preserve local jobs. "This is a family owned business in the Ninth Council District ... that has employed local residents and will continue to employ local…
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