SAN FERNANDO VALLEY : Redevelopment Plan OKd for Quake Damaged Areas
Redevelopment powers will be used to help rebuild quake damaged neighborhoods in Pacoima, North Hills, Sylmar and Sun Valley under a plan approved Tuesday by the Los Angeles City Council, the city’s second such plan.
The council voted unanimously to put about 3,000 acres of hard-hit neighborhoods in the northeast San Fernando Valley within an emergency redevelopment zone that uses property taxes to provide loans and money for repairs.
By purchasing bonds with the tax dollars, the city expects to raise about $14 million in the first five years of the project, said John Spalding, planning director for the city’s Community Redevelopment Agency, which is overseeing the recovery plan. The first such plan was approved last week for Sherman Oaks and Studio City.
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