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Council approves Hollywood/Highland financing package after extended debate
Summary
The council approved a financing package for the Hollywood/Highland redevelopment project in a special meeting, authorizing city participation of roughly $98.5 million toward an approximately $400 million project; votes were passed after debate over guarantees, parking revenue use and relocation costs.
The Los Angeles City Council approved a financing package for the Hollywood/Highland redevelopment project in a special meeting after an extended debate over the size of the city’s subsidy, guarantees from the developer and how parking revenues would be used.
Molly Campbell of the City Administrative Officer’s office told the council the package represented the previously discussed financial plan: “The total cost of the project is approximately $400,000,000 with the city contributing 98,500,000.0 of that amount,” with approximately $68,500,000 earmarked for the parking facility and about $32,000,000 for the theater. She said both the city-owned theater and parking…
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