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City and CRA approve first amendment to Chinatown redevelopment plan, ordinance set for second reading
Summary
The Community Redevelopment Agency and Los Angeles City Council voted to approve responses to objections and adopt resolutions advancing the proposed first amendment to the Chinatown redevelopment plan; the ordinance will return for a second reading because fewer than 12 council members were present.
The Community Redevelopment Agency (CRA) and the Los Angeles City Council approved the CRA's resolutions and the council adopted resolutions responding to objections and advancing the proposed first amendment to the Chinatown Redevelopment Plan on Wednesday.
The amendment would increase the plan's tax-increment cap from $57 million to $230 million and extend dates for establishing debt and receipt of tax increment to complete the original Chinatown program, agency staff told the council. Agency deputy administrator Richard Benbow summarized the planning record and said an outside fiscal consultant concluded the amendment is financially feasible.
Why it matters: CRA staff and community supporters said the amendment is intended to leverage additional private investment and finish projects already started in Chinatown, including housing…
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