Firm Hired to Analyze Redevelopment Effort
The Los Angeles City Council voted Friday to hire a private firm to analyze the environmental effect of having the Community Redevelopment Agency continue its work in North Hollywood.
Gruen Associates will study the effect of a plan to give the Redevelopment Agency new authority to operate its 740-acre North Hollywood Redevelopment Project until the year 2014.
The agency’s ability to use eminent domain to acquire property for redevelopment in North Hollywood expired earlier this year. Under the new plan, that power would be renewed until the year 2004.
In addition, the agency is seeking to increase the limit of property tax revenues it can raise from land and development within the project, from $89 million to at least $300 million.
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