Agency to Help Buy Land for Supermarket
The Los Angeles City Council on Tuesday approved a plan to assist a developer with a $10-million project to build a Ralphs Grocery and convenience store center in North Hollywood.
Under the plan, the city’s Community Redevelopment Agency was authorized to buy four acres at Vineland and Magnolia boulevards for an undisclosed amount from about 10 individuals and to sell the parcel to a developer, North Hollywood Partners, for $5 million.
The CRA subsidy to the developer would be the difference between the actual cost to the agency to buy the property and $5 million, said Jerry Belcher, the CRA’s North Hollywood Redevelopment project manager.
The project was heavily supported by local senior citizens who had complained that no convenient supermarket was available. Critics, however, charged that the project was economically viable without CRA help.
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