San Fernando Valley : Council Extends Redevelopment Project
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Breathing new life into a controversial project, the Los Angeles City Council voted unanimously Wednesday to extend a redevelopment project in North Hollywood and dramatically increase the amount of money to be spent on it.
Without the extension, the 750-acre project would have run out of money next year. But the vote continues the project until 2019 and lifts the spending cap from $89 million to a maximum of $535 million. The vote also extends the power to condemn property to the year 2007.
The project has rehabilitated 882 homes and apartments for low- and moderate-income families, built 883 new units and constructed 469,000 square feet of office, retail and parking spaces, according to a Community Redevelopment Agency report.
The proposed spending increase would help finance at least 29 new projects, including the rehabilitation of about 240 homes and apartments for low-income residents, funds to upgrade street lighting and subsidies for commercial development, among other improvements, CRA officials said.
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