The Region : $1 Million for Arts Festival

The Los Angeles city Community Redevelopment Agency voted to provide a $1-million grant to help finance a biennial Olympic Arts Festival beginning in 1987. The money will come from tax increments derived from three of the agency’s downtown redevelopment projects, according to Edward Helfeld, director of the agency. He said the funding was his agency’s way of encouraging the private sector to pick up the rest of the cost of the proposed monthlong summer festival, which may cost $8 million.