L.A. considering financial assistance for hotel projects
Work takes place on the Wilshire Grand, one of three downtown L.A. hotel projects for which the city has already committed more than $500 million. (Mel Melcon / Los Angeles Times)
BY DAVID ZAHNISER
LA Times
6/23/14
"The Los Angeles City Council is looking at providing nearly $180 million in subsidies to two major downtown hotel projects, while also setting the stage for other hotel deals across the city.
The council's Economic Development Committee will consider a plan to provide $138 million in assistance to the Frank Gehry-designed Grand Avenue project, which would bring housing, restaurants and a four-star hotel to a site across from Walt Disney Concert Hall. Under that plan, developer Related Cos. would keep the lion's share of hotel tax revenue generated by the development until 2043.
Also before the panel is a proposed $39-million subsidy for Metropolis, a 19-story hotel and 38-story residential tower planned next to the 110 Freeway. City officials recommended that developer Greenland LA keep one-fourth of the taxes that would be generated for the city from that project over 25 years..."
http://www.latimes.com/local/cityhall/la-me-hotels-20140624-story.html