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Board discusses EDC authority to buy or lease property; counsel says authority is broad but project terms matter
Summary
The EDC reviewed statutory authority and potential constraints on purchasing or leasing property. Counsel said most enabling statutes for E‑type economic development entities allow land and equipment as part of a project, but specifics depend on the project agreement and should be negotiated; no purchase or lease action was taken.
The Hollywood Park EDC on Nov. 4 discussed whether and under what conditions the corporation could buy or lease property to further local economic development. Kenneth (board member) asked staff to summarize the authority; legal counsel responded that most statutes that enable economic development activity allow land acquisition as part of a project.
"When you go through the various statutes that relate to a type E ...…
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