After a court decision earlier this year that brought redevelopment in California to an end, many projects around the state and in the City of Los Angeles came to a halt, their fates uncertain with questions of what would happen to money that had been committed by the CRA/LA. But thanks to a decision by the California Department of Finance, the entity that is responsible for dismantling redevelopment agencies throughout the state,several projects within L.A. will receive a total of $318 million in funding in 2012. These projects include the Cleantech Manufacturing Center, a key economic development project on the east side of Downtown, and the Broad Museum and the Related Companies project on Grand Avenue.
The infusion of redevelopment money into these catalytic projects is another step forward in the renaissance of Downtown Los Angeles, and a sign of the enduring commitment to real estate and economic development throughout the city.
Read the full articles at CurbedLA and LA Business Journal below: