L.A. to make tax revenue deal with downtown hotel developer

The Los Angeles City Council moved forward Tuesday with plans to allow a real estate developer to keep $39.2 million in taxes expected over 25 years from a downtown hotel and residential project planned next to the 110 Freeway. The council voted 11 to 0 to negotiate agreements that would let Greenland L.A. Metropolis Hotel Development retain one-fourth of the property, sales, hotel, parking, business, utility and other taxes that would normally flow to the city budget. Greenland L.A., which is affiliated with Shanghai developer Greenland Group, is seeking to build a 19-story hotel and a 38-story residential tower on a site just north of the L.A. Live entertainment complex. The taxpayer...