U.S. Agrees to Help Fund Studio Project
The U.S. Department of Housing and Urban Development has agreed provide $1.8 million in grants and $14 million in loan guarantees to help finance the North Hollywood studio project, Los Angeles Mayor Richard Riordan said Tuesday.
The money will be used to boost development on at least 16 acres between Vineland and Fair avenues in North Hollywood. Two developers are competing to build sound stages, restaurants, shops and housing on the site.
HUD also agreed to provide about $10.5 million in grants and loan guarantees to support revitalization of Santa Barbara Plaza, a mall that is being renovated to revitalize Crenshaw’s business district.
The money will be used to close any gaps between costs of development and limits of available private financing for the projects.
The awards were, “very, very competitive,” said Rocky Delgadillo, deputy mayor for economic development. “They were looking for success. You had to have a project in the pipeline, and that’s what happened here.”
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