Sherman Oaks : City Closer to Ending Redevelopment Plan
The Los Angeles City Council took a key step Wednesday toward ending a controversial redevelopment project for Sherman Oaks and Studio City and dramatically reducing the cost and length of the close-out process.
A final decision by the council and the city’s Community Redevelopment Agency is scheduled for February.
The project was one of six similar efforts adopted last year in the San Fernando Valley and Hollywood to use redevelopment powers to speed up earthquake repairs.
But business owners in Sherman Oaks protested and filed a lawsuit, saying the redevelopment project was not needed. They also said they feared using the controversial condemnation and taxing power of the CRA.
The City Council’s Housing and Redevelopment Committee last month recommended that the Sherman Oaks project be shut down because of the opposition.
The lawsuit by Sherman Oaks business owners is on hold pending that decision.
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