Hollywood Renewal Plan Given Final Approval

The Los Angeles City Council has given final approval to the $922-million Hollywood Redevelopment Project designed to spur new development, save historic buildings and refurbish old structures in a 1,100-acre area.

The targeted area, bounded by LaBrea, Fountain and Serrano avenues and Santa Monica Boulevard, includes most of Hollywood and Sunset boulevards--considered the heart of Hollywood’s commercial and business district.

The council voted 10 to 1 Wednesday to create the redevelopment district, which will be administered over a 30-year period by the Community Redevelopment Agency.

Councilman Ernani Bernardi, a longtime foe of redevelopment districts in the city, cast the “no” vote. He maintained that private developers should bear the costs of redevelopment, not the taxpayers.

Financing for the project will come from increases in property tax revenues over the life of the redevelopment project. Most of the funds will be used by the redevelopment agency to acquire property for new development and to initiate public improvements.

Once the home of the film industry, Hollywood has been in decline since the late 1950s when the motion picture companies moved away.

Former Councilwoman Peggy Stevenson started the effort to create a redevelopment district in 1983. Councilman Michael Woo, who defeated her in the city elections last year, continued to support redevelopment after he took office.

Although the council action was final, the district cannot go into business until after 90 days, Aug. 5, when the proposal becomes law.