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Council authorizes bond conduit for downtown loft conversion; critics raise concerns about CRA oversight
Summary
The council authorized bond conduit financing for a downtown loft conversion — approximately $28 million in tax‑exempt bonds for a 209‑unit project with 20% affordability (42 units) — while rejecting calls to freeze major CRA moves amid an ongoing probe; vote recorded at 13 ayes.
Los Angeles — The City Council approved using the city as a conduit issuer of bonds to finance the adaptive reuse of a historic downtown building into 209 loft units, with a 20% affordable set‑aside and credit enhancement provided by private letters of credit.
Don Spivak of the Redevelopment Agency described the item as authorization for bond issuance, noting the original authorization figure of $35 million was tied to a potential additional building…
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