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Council approves $35 million Playa Vista jobs tax-credit package with safeguards
Summary
After lengthy debate and public comment, the City Council approved a jobs-incentive agreement for the Playa Vista project that includes job tax credits, developer fee credits and safeguards such as an $8 million letter of credit and provisions to protect collective-bargaining agreements.
The Los Angeles City Council voted to approve a jobs-incentive agreement for the Playa Vista development and a related Mello‑Roos resolution after a lengthy presentation and public hearing.
City staff summarized the package, saying the agreement would provide credits against business and utility taxes tied to jobs at the Playa Vista site. Jerry Miller of the City Administrative Office said the basic per-job credit would be $2,700, discounted to $2,100 for some relocated positions and $1,700 for seasonal ‘‘sound stage’’ jobs. He said benefits were capped at $35,000,000 and that developers would receive an $8,000,000 credit against developer fees; no job benefits would be paid until the developers had generated sufficient taxable payroll to ‘‘burn off’’ that credit.
Opponents called the deal corporate welfare. Robert Benson, a…
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