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CRA and City OK new loan for Midtown Crossing project |
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Written by Nadia Levine
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Monday, 14 June 2010 16:43 |
President Mary Ann Yurkonis, Sue Beidleman and John Mimms attended a Community Redevelopment Agency (CRA) meeting last month after which the Los Angeles City Council approved a plan for completing the long-stalled Midtown Crossing shopping center at Pico and San Vicente. On a 9-2 vote, the council agreed to provide real estate developer CIM Group with a new $19.3-million loan to finish the shopping center, which would include a Lowe’s home improvement center.
Under the terms of the deal, the loan would operate more like a grant. CIM Group would be able to pay most, and possibly all, of the money back using sales, business and utility tax revenue generated by the project -- money that normally goes into the city’s budget.
CIM Group said in a statement that the vote would allow construction to begin immediately at Midtown Crossing. Councilman Herb Wesson praised the project, saying Midtown Crossing would spark other development activity in his district. |
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