We learn from our friends at Curbed LA that LA’s CRA (Community Redevelopment Agency) is scrambling to put away funds for about a billion dollars in projects before being potentially done away with later this year. You see, earlier this month California Governor Jerry Brown proposed— among $12.5 billion in budget cuts— “phasing out” funding for all of the state’s redevelopment agencies, a move that, according to Brown, “will return billions in property tax revenues to schools, cities and counties and help pay for public safety, education and other services.”
According to Curbed, the CRA just “quickly put together a draft agreement with the city that socks away $938 million for future projects.” That includes money for The Broad‘s new parking garage, for a new office tower on Vine Street in Hollywood. No matter what you think of redevelopment agencies, the move will hurt architects and builders. So stay tuned next week for AN‘s comprehensive article on just how much it will hurt. Sounds fun, right?
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