Beverly Hills will receive $900,000 for traffic signal improvements from 20th Century Fox under an agreement approved by the City Council on Tuesday.
The agreement was negotiated with Fox after a Los Angeles environmental impact report concluded that the Fox studios expansion project on Olympic Boulevard would affect traffic in Beverly Hills. The studios are located on the outskirts of Beverly Hills.
The money will be used to pay for traffic signal improvements at nine intersections along Olympic Boulevard, according to a city report. If the city receives funding for the improvements from other governmental agencies, the Fox money will instead be used to improve traffic flow along Santa Monica and Wilshire boulevards, which were also identified in the environmental report as affected by the project.
The city also expects to to benefit from increased jobs and business as a result of the project, according to a press release issued by the city.
In return, the city agreed to support the Fox Studio Historic Preservation and Expansion Project, and waive its rights to challenge, dispute or contest Fox's entitlement to develop the project as approved under a development agreement with Los Angeles.