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Wasn't the whole point of redevelopment funding to focus on areas that otherwise might not get looked at by developers? So why on earth is the Community Redevelopment Agency upping its investment in Eli Broad's art museum from $30 million to more than $50 million? From the Downtown News:
The plan, approved by the CRA Board of Commissioners, involves stretching the Broad museum footprint so that it encompasses the entire parcel bound by Grand Avenue, Second and Hope streets and Gen. Thaddeus Kosciusko Way. The plan that the CRA approved last July envisioned a 284-space, three-level garage that occupied about half of the parcel.
Er, not to state the obvious, but couldn't Broad finance the whole bloody complex himself?
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.