Proposed Metro Rail Assessments Cut in Half
Mayor Bradley on Thursday announced a reduction of nearly 50% in the proposed assessments to be levied against commercial property owners to pay for the Metro Rail line from mid-Wilshire to North Hollywood.
“The reduction of the assessment will enable more property owners to more easily contribute their fair share,” Bradley said in announcing the reduction, which applies to property owners in close proximity to 11 planned stations along the 13.3-mile stretch.
The original assessment, set at 33 to 55 cents per square foot, will now cost 15 to 34 cents, Bradley said.
“I commend the community groups, the county and the RTD for coming together in an action that will ultimately benefit property owners and the residents of this city,” he said.
The assessments, to be paid in 29 annual installments, will enable the RTD to issue about $75 million in construction bonds over a seven-year period starting in 1993.
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